The Crude Truth Panel discusses Venezuela, Iran, Iraq, and even Greenland.
My opening line is “With so much going on in the world today, is it safe to say that the world is actually healing? But we do have a few more bumpy roads ahead.” may be an understatement.
I am currently writing several articles on new trends in molecule demand, oil demand, pricing, natural gas, and how AI is impacting the oil and energy markets, and this podcast helped kick off the discussion to a great start in 2026.
The USGS just announced a groundbreaking assessment that underscores the enduring potential of America’s energy heartland. The U.S. Geological Survey (USGS) has revealed significant undiscovered oil and gas resources in the Woodford and Barnett shales within the Permian Basin. This latest evaluation, released just days ago, estimates technically recoverable reserves that could bolster U.S. energy security and fuel economic growth in Texas and beyond.
Today’s Podcast Panel is made up of Karr Ingham, President, Texas Alliance of Energy Producers, David Blackmon, Author and Host of the Energy Impacts Podcast, and Stu Turley, Host of the Energy News Beat Podcast.
This is a huge story for Texas, jobs, data centers, and growth for decades to come.
The main topics discussed in this podcast are:
1. The recent events in Venezuela, including the arrest of Maduro and the potential impact on oil production and markets. Right after we recorded the podcast, Secretary Chris Wright arranged the sale of the first oil through a new pricing structure for $500 million. This new structure went through a bank in Qatar, using the system that Secretary Bessent put in through the U.S. Treasury.
Why is this important: It bypasses the global legal and banking system in place and would have delayed the payment of proceeds to US drillers. I will be explaining this in a future article. This has a significant impact on OPEC, OPEC+, and the restructuring of the key pricing matrices across the global market.
2. The unrest and potential disruption in Iran, and the importance of the Strait of Hormuz for global oil supply. We are waiting to see how this plays out as more U.S. military assets roll into the Middle East, and we are watching to see how the potential revolution unfolds. When Venezuela had the United States take their President to New York to face charges, the oil markets said “eh” and did nothing. But threats to the Strait of Hormuz, or to the 1.7 million bpd from Iraq and 3 million bpd from Iran, led oil prices to rise by 4%. So we found the mark for the price that the oil pricing matrices put on a Bull Run, and that is the threat to 4 to 5 million bpd is significant.
3. The current state of the oil and gas industry in Texas, including record production levels, the role of small independent producers, and the relationship between the Texas Alliance of Energy Producers and the federal government. Karr Ingham elaborates on these points. And if you think Texas wasn’t big enough, the new discovery of oil by the USGS is huge.
4. The broader global energy landscape, including OPEC’s spare capacity, the need for investment in new production, and the potential for Greenland to become a new energy player. After we recorded the podcast, it really started getting wild. And the Premier of Canada, Mark Carney, may have opened the door for some wild responses from President Trump through his responses in a meeting in China. Watch as we see Alberta (AKA North Texas) is getting its separation from Canada process moving.
5. The overall geopolitical situation and the panelists’ views on whether the world is becoming more peaceful or still facing “bumpy roads ahead”. Those bumpy roads will end up with prosperity on the other side, but what a news cycle on the way.
Key Quotes from the podcast:
2. “Texas is where it happens. I appreciate North Dakota. I appreciate Oklahoma. I appreciate every oil and gas producing state in the country, but. Texas is market-moving, and it’s an honor to get to be involved in that business,” – Karr Ingham, highlighting Texas’ dominance in the U.S. oil and gas industry.
3. “The cool thing is, Secretary Wright put in a banking system. So the oil that comes into the United States, we get the credit for it as far as coming in, then we’re gonna turn around and pay Venezuela for those barrels.” – Stu Turley, discussing the financial arrangements around Venezuela’s oil exports.
4. “Can you assure an ExxonMobil or any of these other major oil companies that are so focused on their safety record, it’s part of the metrics that investors measure them by. Can you give them some kind of a… Ironclad security guarantee for the next 20 years while they get in there, invest billions of dollars, and they can be sure that they get a good rate of return on that investment.” – David Blackmon, highlighting the challenges of getting major oil companies to invest in Venezuela.
5. “First of all, we’re thanking them for flipping the script from Biden to Trump. That Biden administration, my goodness, you know, from day one, literally, I mean, you all know this, so there was just such an open, overt hostility to the U.S. Domestic oil and gas industry, absolutely sickening.” – Karr Ingham, expressing gratitude for the Trump administration’s more favorable policies towards the oil and gas industry.
I would like to thank our panelists for their time and leadership in the energy markets.
Connect with Karr Ingham on his LinkedIn here: https://www.linkedin.com/in/karr-ingham-9b62333a/
Connect with David Blackmon on his LinkedIn:
Check out David Blackmon’s Substack: https://www.linkedin.com/in/david-blackmon-2325189/
Check out the Crude Truth Website for the full Transcript and Pecos Country Operating on our oil and gas productions.
