March 18

THE CRUDE TRUTH Ep. 70 George P Bush Live at the NAPE Expo 2024




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Rey Treviño [00:00:00] Broadcasting live from the Nape Expo. The Crude Truth. Our first guest, George  P Bush, on this episode of The Crude Truth.

Rey Treviño [00:00:51] Nape is a proud sponsor of the Crude Truth. Be sure to register for the Nape Expo 2024 for February 7th through the ninth at the George R Brown Convention Center in Houston, Texas. Hurry and register today. Nape where deals happen.

Rey Treviño [00:01:40] All right. Well good morning. Good afternoon. Hello to everybody out there. As we’ve been advertising for weeks now, thank you so much for the Nape Expo for letting us advertise. Here we are at the nape. We’re on the ground floor. It’s Wednesday, so if you hear a little bit of construction work, we’re still setting up. But here we are. As you can see, my guest today is the one, the only former Texas land commissioner. And also, more importantly, family man, first, George P Bush. George, how are you?

George P Bush [00:02:09] Not too bad. Thanks for having me. It’s great to be with your audience.

Rey Treviño [00:02:12] Well, man. Thank you so much for being here. I know, I think you do call, Houston home. Correct?

George P Bush [00:02:17] I do, I was, born here, played baseball down the street at Rice University. And, you know, I’m I’m still a Rangers fan, but, you know, if Astros are still in Rangers, not the next year. Looks like Rangers will be back. Yeah. Can’t say that too loudly here in downtown Houston, but, but, yeah, I got I got some, personal ties and then, you know, several relatives that still live here in Houston. And when I think about my time as, land commissioner, I think about Hurricane Harvey relief. Yeah, right here in the George RR Brown. I got to tell you, we had so many experiences working with local stakeholders and helping people get back on their feet. I mean, this place was loaded with, survivors after that storm. That was the most devastating storm in Texas state history. So a lot of memories, you know, the good, the bad, and sometimes the ugly here.

Rey Treviño [00:03:02] And it not even I totally forgot that they had turned this into a, a place to help everybody. Totally. It was packed, wasn’t it? At one point.

George P Bush [00:03:10] It was packed. I mean, really from from door to door with, survivors from all over the community. And then you had USDA helping people out with food stamps and helping people, get on their feet right after the storm. And I was helping with staff to muck and gut some of those, initial homes with floods. Yeah. As you move a little bit further east to the Houston Ship Channel, but, George RR Brown now, today, as you can see, is, it’s about dealmaking in the oil and gas business. So, so, like I said, the good in the bad. And it’s great to be back and of course, always with you to talk about the future of the great state.

Rey Treviño [00:03:46] Well, you know, we do get a lot I want to try to unpack, but I do want to go back to your Rangers thing real quick. That’s right. I forgot you are. And don’t feel bad. My dad, he has a Texas Rangers t shirt and a Houston Astros t shirt. And he has an Astros hat and a Rangers hat. And we go to one game a year anywhere. It’s one of each. And, because my dad talks about when the Houston Astros used to have the, record for the longest game, and he remembers waking up in the middle of the night. And his dad was listening to it in San Antonio that game that night when, that years ago, when they had the record for the longest game ever played. So, so yeah, but to talk about that, I think whoever won that championship series was going to win the World Series, whether it was the Astros or the Rangers. So totally. Yeah. I mean, Diamondback had no chance with either two of I agree.

George P Bush [00:04:32] I mean, Diamondbacks look dangerous. Next year they’re signing some talent. You know, they’re, pushing their salary cap. But having said that, I mean, nobody can beat I think the Rangers, as long as the starting pitching comes back healthy with Scherzer, and others, if they’re as healthy as they were in the second half of the season. Man, the Rangers are going to be, tough to beat. But yeah, I mean, it’s it’s so funny over the years because I remember when the Rangers did make the pennant that one time back in 0708. Time frame. Yes. And, and, you know, when I was showing my boys back, you know, when we were in the World Series and, Nelson Cruz had that chance in right field to to get that, that ball. And since that time, you know, more Astros. I don’t even know what you call it. The Astros orange. Right. That burnt orange that people were wearing even up in Fort Worth. And I was like, man, people just they’re fairweather fans, I’m telling you. And sometimes the Rangers line. But now it’s back and I feel like Austin, where I live now, it’s kind of the battleground. You know it. Now I’m seeing more Rangers. Yeah. Yeah, and it’s made a comeback, so that’s good to see.

Rey Treviño [00:05:33] Well, it. Is. And you know that first year the Rangers when it was a pass it was like it was just exciting that they were there. I was actually at game six against the Yankees standing room only. Tickets were only $25. And, you were so amped, you didn’t know your standard for nine innings and, you know, be there when they struck out A-Rod, to go to the World Series. And the next year it was like, oh, we got to win. Then that that didn’t happen. But they they won now. And, and here we are now, back in Houston again at Nape. You know, there’s so much going on and, you know, here on the crude truth, we got to talk, you know, good battery, different. There’s a big renewables push and there’s a lot of work going on with renewables. Where are you seeing that going right now?

George P Bush [00:06:13] Yeah I mean if you look at back to Winter Storm Uri, there’s a lot of finger pointing, right? You know, the legislature, you know, I think, pointed the finger a lot at that renewables. But there’s also, you know, not gas facilities that didn’t have either nat gas on site and a few of the coal facilities as well that were unable to turn on. And so I think the bottom line is when you’re looking at our state of, of now, 29 million people approaching 30 million with, the growth pattern showing potentially 40 million by, you know, 20, 40, 20, 45 that we need to generate more power for, for residents. So to me, I mean, I’m, you know, I want an equal playing field. I don’t think that the federal government should be involved in and subsidizing and let the equal, you know, the market play out in terms of how who can be the most innovative and who can generate power on a more dispatchable basis. So that was the big buzz phrase this past session. Okay. Since we last talked, is kind of how we can get more power to those communities, including greater Here, Greater Houston and in a more readily and expedient way. And renewables have to be a part of that. You know, it’s our last winter storm. It was reported Ercot showed that close to 38% of the power generated was actually through solar, which is really weird. You’re thinking a winter storm with overcast, but and you would think it’d be more wind just because of, of higher, wind velocity, but knows it was solar. But as we have seen, sometimes it’s not dependable obviously during night or, during, during, sometimes morning hours or if it’s inclement weather. So, you know, look, the the Inflation Reduction Act, which I happen to be against, politically has created this huge tailwind because it’s 100, $100 billion of intangible tax credits that are going to flow, a big part of which will flow to the state of Texas. So at least in my private sector legal practice, I’m seeing a lot of developers, a lot of oil and gas mine actually large from diversified to small wildcatters that are out there trying to innovate. And whether that’s store power, you know, harness wind or solar or looking at hydrogen, I mean, Texas is just the best place to to try because our infrastructure’s there. We know we have an incredible demand in terms of population growth. We’re bordered by Mexico and other growing, fast growing states. And so, you know, the sky’s the limit when it comes to Texas renewables. My my only hope is that Ercot and PC don’t overcompensate when it comes to, to renewables because of the the lessons that we learned from Yuri.

Rey Treviño [00:08:45] Well, you know, you talk about the lessons learned from Yuri and how we are, you know, I ask you about the renewables, but, LNG, you know, the our President Biden just, you know, put that hold on LNG permits for new construction, you know, that impacts so many jobs here in the great state of Texas are future jobs, you know, what are your thoughts on that? And if you were there on the Hill somewhere, how could you ought to do that right now? I know I kind of put you a little bit on the spot there, but no, you know, what are your thoughts on that?

George P Bush [00:09:10] Look, this is the big talk of the town, at least even in Austin this past week. And it’s devastating for the Texas economy. The, anticipation is that by 2045, there will be, a doubling of the requirement for natural gas, not only for our economy, but for the global economy. And it’s cheap Texas natural gas that can help with the windfall and the bridge for not only American consumers of power, but also the rest of the world. And so this is about the most anti-American, you know, energy policy that you could possibly conceive. You can’t write a worse policy. You know, as it turned out, he released this policy not by executive order, but by press release. He did it by a press statement, with an indefinite end, meaning that the Ferc right now will not be able to issue any new permits for LNG exports. So what this means is that you’re going to have ten, tens of thousands of dollars of jobs lost on the Texas and Louisiana Gulf Coast. The energy committee in the House, the chairman, who’s from Louisiana, demanded that the Department of Energy or somebody from the white House show up for testimony to explain this policy. And nobody showed up. If you were if you were in the private sector and you were asked by your boss to show up for a meeting, you. Be fired if he didn’t show up immediately. But only in Washington, D.C. can you, you know, get away with it and actually score political points. So, you know, this benefits Vladimir Putin. It benefits, the oil cartels in the Middle East when the U.S. can service this need right here, right now. So I it I continue to be, disappointed. All of my friends in Capitol Hill are saying, look, this is a big political move. Yes. And that that’s it is that he’s appealing to his far left. He’s trying to activate the climate folks to get on his side in a in an election year. But we all know that the stronger American policy is to let Texas entrepreneurs continue to innovate and let let us export and be the partner to to Europe and to Asia, which need this this commodity right here, right now as war rears its ugly. Hell.

Rey Treviño [00:11:17] Yeah. You know, I want to ask you a question. And this one, I just I just sort of, so, here’s the question, because you mentioned no other place. Can you show up or not show up and not get fired? I want to bring this up. And, so I’m going to ask this question. Hunter Biden showed up to that hearing a couple of weeks ago and then just walked out. Okay, that’s the president’s son. Former President Trump’s kids have been scrutinized. You are a son or your son of a of a of a governor. You’re the nephew of a president and a grandchild of a president. Can you share your thoughts on that? Yeah. Okay.

George P Bush [00:11:56] So, you know, when it comes to to Hunter Biden, it’s clear that there’s been impropriety and he’s abused the privilege. And Congress has the oversight authority to evaluate not only are there taxpayer endowed authorities and duties, but also what the president and his son we’re doing to trade on those relationships as as vice president. So, you know, if he were more complicit, he would be transparent, stand before the Congress, but also address the charges that have been, you know, pursued against him in federal court by the Department of Justice. And they’re very real. I mean, they ran rain range from gun charges to, bribery to corruption and abuse of office. And so, you know, when it comes to the public trust of a federal government, it comes to the highest powers that everybody has to be subject to the same rules, and those are the same basic commitments. But if it were the Trump kids, I’ll say this, that conducted this same type of affairs and abuse of office, they would already be in jail, a long time ago. And I guarantee you, the Department of Justice, this Department of Justice in particular, would not have looked the other way. Now, I’m glad to see that they have come forward with indictments. And he will, one day see a trial unless he pleads out, which a lot of criminal cases are. But make no mistake, I mean, he’s probably not going to see jail time. Yeah, he’ll probably, you know, plead down to a misdemeanor, and and this all be over. So, you look that that’s. And you didn’t ask me the question relates to my run for attorney general, but, yeah, I really believe strongly about this. And and that’s why, you know, the bushes, I mean, you never see us be involved in these types of issues, and, and most families that are involved in politics stay away from this because, yeah, there’s no there’s no benefit in the long term. And this is a public office that’s subject to public oversight. And it’s beyond just you or me. It’s about it’s about the, the greater good it is.

Rey Treviño [00:13:53] And you, you you hit the nail on the head. And, you know, I forgot that we’re not at the studio where I’m kind of like, asking like this. Like, should I be asking this so that people see my action as I’m like, should I be asking this question or not? But you said it’s like you being you. It’s like I could only see that. Just because you have an AR before y’all’s name, that y’all would probably be under the same scrutiny. Close to where the, the Trumps would probably be as the kids, because y’all, y’all grew up, you know, y’all just fine. And, no problems. I mean, shoot. I remember watching the video of you, and, was in 88, right? Given the whole thing in Spanish, you know, and, and I like to tell people that’s like, well, I said that George P speaks Spanish and speaks better than that. Okay. See.

George P Bush [00:14:37] Almost in three and three, we started in Espanol.

Rey Treviño [00:14:40] Yes. Okay. Let me get back to it. Real stuff. Governor Abbott just got back from India. You know, he’s been fighting hard in some say that the, LNG thing was a push against the border, really fighting against Texas. But what are your thoughts on everything he’s been doing here in Texas right now?

George P Bush [00:14:58] I mean, Governor Abbott, dating back to my time when I first got elected in 2014, has been a strong advocate for the Texas energy industry. And, he’s allowed me, for example, along with, the attorney general to bring suit against first, the Obama administration. People forget, you know, Obama, the governor’s been serving since the Obama days. Yes. And early on during that time, we brought several lawsuits because they tried to shut down the oil and gas industry utilizing the Environmental Protection Act and a variety of other regulatory and red tape hurdles to make, oil and gas development more, more, expensive and more, more pricey and sometimes shutting it down. And I could bore you with some of those lawsuits, but but, you know, with his experience, I think being a former attorney general, I think he understood it. But going back to your question on the trip to India, yeah, I think it was important for Texas businesses. During my time, the ambassador from India came to the states and visited the governor. That was a part of that meeting, and energy was really at the focal point. This was before the war in Ukraine, where India is a clear net importer of oil and gas and coal. And this is again an example, a key partner in the greater Asian subcontinent where India could be closer to the United States. But because of our new rule. Yeah, it’s it’s highly foreseeable that the Indians can’t purchase more natural gas from Texas. And so this brings India closer to Vladimir Putin to, to Qatar for natural gas. And, this is a lost opportunity. So, you know, the governor, I think, you know, has been a great advocate for Texas business, including the oil and gas industry. And so, you know, it’ll be interesting to see when you ask. Yeah, for the, the trip, because it was, productive. It was a ten day trip with one of our most important trading partners in the world. And so, in many respects, he’s kind of a, you know, a Chamber of Commerce president because, you know, he’s got to market this, this great, business environment that we have in Texas, though, to be honest with you, you know, we can sell ourselves because, we have now more fortune 500 companies in the world based here in our state. We just surpassed we just surpassed New York. And in Illinois, with the caterpillar move now down to, to Texas. There’s other great companies everyday like Motorola that are taking a look at move, making the move down here. So, a lot of great momentum. And the governor has a lot to, to enjoy in terms of credit on that. So, look forward to your visit and your interview with him.

Rey Treviño [00:17:26] Well, we’ll see what we can get done there. One other topic as we’re recording today is, Vicky Holcomb. Oxy just put out that statement that, we’re going to be oil short here by 2025. I, a lot of experts are saying that, and based on the production that we have with the lack of new drilling that we don’t have, I can see that being a strong case, you know, what are your thoughts on that?

George P Bush [00:17:52] Yeah. First, I mean, it was a shocking statement to hear that. Yeah. That was really those are strong statement. Yeah. Yeah. You know, because the thing is, I mean, we’re now at close to 14 million barrels, which is, you know, peak US production.

Rey Treviño [00:18:06] Yes, sir.

George P Bush [00:18:07] We’ve never produced more. But having said that, the Biden administration was we talked about an LNG export bans, I think potentially. Who knows, maybe he implements a crude oil plan. That would be absolutely devastating. As we know, he’s sold a lot out of the Strategic Petroleum Reserve as well during his time. So, you know, the market is pretty tight. You know, OPEC has continued to cut production. They obviously have the capability and the reserves to ramp it up if they want to. So I’m not here to predict like where things are, you know. Geopolitically,

Rey Treviño [00:18:38]  at that point right now.

George P Bush [00:18:41] But if you are a producer, many of whom are here right next to us right now, that we’re going to rub shoulders with, I mean, it’s hard to forecast what 24 looks like politically. Yeah, because it’s really a dichotomy. You know, President Trump has talked about drill baby drill, as well as the VP candidates that would potentially serve him and and others in his cabinet. Whereas Biden, you know, clearly wants to appeal to his base. So it’s really hard to forecast, you know, what you’re drilling schedule is going to be look looking. Like. So, you know, a lot of the producers, I imagine I’m going to be very conservative, very prudent, just, you know, prove out your acreage and, and not overextend yourself, which is kind of a new the new norm. Yeah. Sounds like, and conferences like Nape, but, but but it’s that’s what makes the business exciting is you got to keep, you know, your pulse on politics, what’s happening internationally. But to hear that from from Vicky. And we’ll see what other corporate leaders have to say as well. And also the wildcatters. Right. You know, the the independents that that are at the edge, the bleeding edge of taking that risk on new acreage or or working with mineral owners that, that think they have good acreage and and trying to find value because right now it’s, you know, you could argue that it’s hard to find value in places like the Permian and. Yeah. And so, yeah, it’s, it’s a lot of I’m glad I’m not a producer. I’m going to be a lawyer.

Rey Treviño [00:20:02]  It’s, God is good. But the same thing, you know, it’s it’s hard predicting that that oil out six, 12 months on what the price is going to be as we continue to drill in 2024. So, yeah. No. And the thing I told somebody the other day on an interview was I said because they asked, I said, look, oxy is major shareholder is Berkshire Hathaway. Said so obviously Warren Buffett sees something if they’re buying more. I think they just bought another independent or another independents acreage here in the last week or two. So they got to know, you know, obviously he must know something or he has a team that’s telling them something. Yeah. So you were talking about VP candidates, you know. Are there any rumors about, you know. Well, I do want to ask you this, as of today, who are you supporting in the 2024 race?

George P Bush [00:20:50] So I, I’ve stayed out of the primary and I’ll and I’ll continue to do so. I just my focus really has been, electing good conservative candidates and probably a good opportunity to plug my political action committee called Restore Trust. Yeah. So, after the campaign, I basically created an account focused on helping to elect conservative candidates here in the state of Texas and around the country that believe in things like innovative American energy policy. And so, you know, for example, in Fort Worth, we’re actually going to support the district attorney there. We’re helping out, a county commissioner and also, judge as well. Because we believe Tarrant County is a battleground county, which is your home county. And and I’m biased because I lived in Fort Worth for so long. But there’s some important Texas races where we’re taking on George Soros backed candidates and and others. So I’m going to be supporting the eventual nominee. I’ll be there with, bells and whistles at the Republican convention up in Milwaukee and working really hard to next the next, Republican president of the United States, because it’s so important for the state of Texas. Yes, but I know my role. I think I’m better working in the Hispanic community, working with young entrepreneurs here in Texas, helping to groom the next candidates, because a lot of candidates or people thinking about running for office approached me and asked for advice and love helping out behind the scenes, including Texas Victory, which is helping on registering new voters and getting the next generation of conservative candidates running here in Texas. So, that keeps me busy. But but, but yeah, I, you know, the national election will be important. Yeah, a lot of important policies. But we got to keep Texas red, because if we lose Texas, then the country goes in a in a really dangerous direction.

Rey Treviño [00:22:34] You united. Texas has the United States on his shoulders physically. Almost. I mean, look, I mean, so yeah. And what was the name of the pack one more time

George P Bush [00:22:44] Restore trust pack. So just check me out. Online. That’s restore trust. Pack dot com but we also have a Facebook page, Twitter account as well. Or you can just follow me at George P Bush on, on Twitter, Instagram, all the social media. I’m not on TikTok.

Rey Treviño [00:22:57] Okay.

George P Bush [00:22:58] Because they are owned by the Chinese embassy. So, so but yeah, so, you know, Restore Trust is up to some good stuff and helping some good candidates. And we’re also helping out folks around the country and, and energy now because of the Biden announcement on an LNG export. I’m not saying that because I’m here at Nape. It’s, our top three issue, along with border security and and just simple commonsense governance, you know, reining in our debt. Yeah. Which is, going to strangle our generation and and our children’s generation unless we get it right. So, I hope more of your, your audience will get involved with, with politics and maybe get involved with Restore Trust.

Rey Treviño [00:23:32] Okay. Well, George, I cannot thank you enough for coming back out here in Houston. Talking here at nape of the Nape Expo 2024. I mean, I look forward to seeing what happens next. And, so thank you very much. And to everybody out there, thank you all. And we’ll see you again on another episode of The Crude Truth.





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