The Charlie Kirk Show - March 10, 2022


Pain at the Pump: All the Background You Need on Oil & Natural Gas with Energy CEO Dan Eberhart

Topics
gas prices and oil industry energy policy and production fracking controversies oil prices
Hosted by
Charlie Kirk
Guests
Energy CEO Dan Eberhart
Mentioned
Biden Producer Andrew Trump Dan Eberhardt Bakken Larry Kudlow Use Andrew Elon Musk Keys Todd
A New, Great Awakening to Stop the Great Reset The Most Convincing, Rational Case Against Intervention in Ukraine

Episode Stats


Length

19 minutes

Words per minute

186.02

Word count

3,584

Sentence count

305

Harmful content

Misogyny

2

sentences flagged

Toxicity

3

sentences flagged

Hate speech

2

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

If you're confused about the price of gas and want to dive deep towards the truth, this is the episode for you. Dan Eberhardt, best-selling author and commentator on politics and energy, explains everything to do with oil and natural gas, especially gas prices.

Transcript

Transcripts from "The Charlie Kirk Show" are sourced from the Knowledge Fight Interactive Search Tool. Explore them interactively here.
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hey, everybody.
00:00:00.000 It's a flash episode of the Charlie Kirk Show.
00:00:02.000 We have Dan Eberhardt, who explains everything to do with oil and natural gas, especially gas prices.
00:00:07.000 If you're confused about the price of gas and you want to dive deep towards the truth, this is the episode for you.
00:00:12.000 If you want to email me, you can do so at freedom at charliekirk.com.
00:00:15.000 Get involved right now with TurningPointUSA at tpusa.com.
00:00:19.000 At Turning Point USA, we are playing offense with a sense of urgency to win the American Culture War at tpusa.com.
00:00:25.000 At Turning Point USA, we are allowing your children and grandchildren to live in a free country.
00:00:29.000 We're fighting for it every single day.
00:00:30.000 We're making hope happen.
00:00:31.000 So help us out at tpusa.com, tpusa.com.
00:00:35.000 Buckle up, everybody.
00:00:36.000 Here we go.
00:00:37.000 Charlie, what you've done is incredible here.
00:00:39.000 Maybe Charlie Kirk is on the college campus.
00:00:41.000 I want you to know we are lucky to have Charlie Kirk.
00:00:45.000 Charlie Kirk's running the White House, folks.
00:00:48.000 I want to thank Charlie.
00:00:49.000 He's an incredible guy.
00:00:50.000 His spirit, his love of this country.
00:00:52.000 He's done an amazing job building one of the most powerful youth organizations ever created.
00:00:57.000 Turning point USA. 0.65
00:00:58.000 We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:01:07.000 That's why we are here.
00:01:10.000 Brought to you by the Loan Experts I Trust, Andrew and Todd at Sierra Pacific Mortgage at andrewandTodd.com.
00:01:19.000 All right, everybody, welcome to this episode of the Charlie Kirk Show.
00:01:23.000 We're going to get down to the basics.
00:01:25.000 We're going to explain gas prices, the oil and gas industry from the bottom up.
00:01:28.000 For those of you that know very little about it or nothing at all, that's okay.
00:01:32.000 This is kind of your gas prices, oil and natural gas industry 101 crash course session, I should say.
00:01:40.000 I know a lot of you guys are emailing us and asking us questions about it.
00:01:44.000 And so we have with us right now someone who is an expert, who is the CEO of Canary, best-selling author, commentator on politics and energy.
00:01:51.000 Dan Eberhardt.
00:01:53.000 Dan, welcome to the Charlie Kirk Show.
00:01:55.000 Hey, I'm a big fan.
00:01:56.000 Thanks for having me on the show.
00:01:58.000 You bet.
00:01:58.000 Thank you.
00:01:59.000 Okay, Dan, let's just start at the very basics.
00:02:01.000 Why do gas prices go up?
00:02:03.000 Why do they go down?
00:02:05.000 What are decisions that leaders make that influence those things?
00:02:09.000 And we'll go from there.
00:02:10.000 Sure.
00:02:11.000 So, well, it's all supply and demand, and it's a worldwide market.
00:02:14.000 So, you know, what happens in the U.S., in Europe, in Russia, all of that matters.
00:02:18.000 But look, the price of oil, the price you pay at the pump, that's the most visible commodity price that everybody knows.
00:02:24.000 So it definitely affects everybody's life and what we're doing.
00:02:30.000 The price of an Uber is 40%, the price of oil.
00:02:33.000 The price of your plane ticket is 40% based on the price of oil.
00:02:37.000 So it impacts everything in everybody's lives, pretty much.
00:02:40.000 So, you know, there's a lot of different influences towards that.
00:02:45.000 So just walk us through some examples of public policy decisions that then impact that price of gas that all of us are paying, whether it be leases, pipelines, or how significant are those things in actually influencing the price of gas?
00:03:02.000 Sure.
00:03:03.000 So I think they affect the things around the edges.
00:03:05.000 Look, the number one driver is going to be: how is the economy doing?
00:03:09.000 And do people have a demand for oil and gas?
00:03:12.000 But that aside, you know, the administration, the Trump administration, or now the Biden administration have many, many levers, and they pull on these levers and push on these levers.
00:03:20.000 And that's policy, right?
00:03:22.000 And that affects how much supply there is and potentially how much demand there is and moves the price up or down.
00:03:30.000 So you recently said that the decision not to import oil from Russia was smart.
00:03:38.000 Asking the Saudis, UAE and Venezuela and Iran to increase production is not only foolish, but on America.
00:03:44.000 Tell us exactly why and walk us through that.
00:03:47.000 Sure.
00:03:48.000 So, and forgive me, but this actually makes my blood boil.
00:03:51.000 But look, you know, in the past month or two or three, as the oil prices kind of creeped up and like Pre-the Ukraine war, the Biden administration keeps continually reaching out to OPEC to produce more oil and has been completely silent and deaf on the U.S. industry.
00:04:08.000 And so, for those of us in the U.S. industry, this is just maddeningly frustrating.
00:04:14.000 But why is Biden calling OPEC when he could be calling Texas?
00:04:18.000 He could be calling North Dakota, he could be calling Western Pennsylvania.
00:04:22.000 So, that's number one issue.
00:04:24.000 Number two, I don't think we need to be dependent on.
00:04:26.000 Look, we were energy independent under President Trump.
00:04:30.000 There is no need for us to be dependent on OPEC for us to call Venezuela for help. 0.81
00:04:36.000 This is absolutely ridiculous, and I think is a completely wrong-headed strategy by the Biden administration.
00:04:44.000 So, walk us through how significant America's energy minerals and deposits are. 0.72
00:04:51.000 Walk us through the Permian basin, the Marcellus shale, and the Balkan shape, the Balkan shale.
00:04:56.000 How much oil and natural gas do we actually have? 0.76
00:04:59.000 There's a lot of misinformation about this.
00:05:01.000 Some of the greenies say that we would run out in five years.
00:05:03.000 Go ahead.
00:05:04.000 Yeah, we're definitely not going to run out in five years.
00:05:06.000 Look, the worldwide market is about 100 million barrels a day, give or take.
00:05:11.000 In general, you can think about that as 10 million U.S., 10 million Saudi Arabia, 10 million Russia, and then the other oil-producing countries make up the balance.
00:05:25.000 So, in the U.S., we produce about 11.4 million barrels a day right now, to be exact.
00:05:31.000 Before COVID, we were producing about 13 million barrels a day.
00:05:34.000 I think that decrease is based on policy response and different changes in the Biden and the Trump administration has pushed the production down a little bit.
00:05:45.000 We've got an enormous amount of resources here.
00:05:47.000 We are more or less energy independent.
00:05:51.000 We are right now importing about 20% of what we consume, but we have the ability to change that and produce that here in the U.S. and not need to be relying on OPEC or Russia or anyone else.
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00:07:02.000 How much oil and natural gas do we have long term?
00:07:06.000 How significant is the Permian basin?
00:07:09.000 How widespread?
00:07:10.000 I mean, the research, what does it show?
00:07:12.000 Walk us through that.
00:07:13.000 I don't think people have an understanding of how much oil and natural gas our country actually has.
00:07:18.000 Okay, sure.
00:07:18.000 So, so plenty.
00:07:19.000 So, you know, I think we can produce 75 to 125% of what we consume every day right now.
00:07:26.000 And we could do that for 50 or 75 years.
00:07:29.000 The Permian Basin is one of the most prolific basins in the entire world, absent maybe two fields in Saudi Arabia.
00:07:36.000 I would say it's the third or fourth most prolific field in the entire world.
00:07:41.000 You know, a lot of these countries we think of as oil-producing nations like Iran, they produce one point, you know, at best, 1.1 million barrels a day.
00:07:51.000 Kuwait, the entire country produces 2 million barrels a day.
00:07:54.000 Well, the Permian produces about 4.5 million barrels of oil a day, and it's going up.
00:08:00.000 So, you know, relative to even what we think of as being major oil producers, the Permian Basin is a very prolific field.
00:08:08.000 We also have a field in North Dakota called the Bakken that produces in excess of a million barrels a day.
00:08:13.000 That's also a world-class oil field.
00:08:15.000 And we've got, you know, several medium-sized ones in the U.S. too.
00:08:18.000 So the U.S. is very, very prolific in oil.
00:08:21.000 In terms of natural gas, we're the Saudi Arabia of natural gas.
00:08:25.000 We have more natural gas than any other country, and we're better at extracting it.
00:08:30.000 So we can produce natural gas for decades and decades and decades at pretty low pricing with no problems.
00:08:37.000 So let me ask you a theoretical question.
00:08:39.000 So the Germans and the Europeans have seemed intent on buying natural gas via Nord Stream 2 from the Russians.
00:08:46.000 Do we have enough natural gas?
00:08:48.000 Is the technology there for America to be able to supply Europe for all of their natural gas needs and demands?
00:08:54.000 Theoretically, yes, and practicality, no.
00:08:57.000 So first of all, I would say that, you know, Germany is getting about 40% of its natural gas from Russia.
00:09:03.000 And their butt's really in a sling right now as this war develops.
00:09:07.000 And I think they're really going to have the hardest choices. 0.86
00:09:10.000 It's easy for us to ban Russian oil, right?
00:09:13.000 It's 5% of what we import.
00:09:15.000 And the Biden administration was late anyway.
00:09:18.000 U.S. oil companies have already self-sanctioned it.
00:09:20.000 These European countries are really going to have much tougher decisions.
00:09:23.000 Oil is much easier to move around the globe.
00:09:25.000 The natural gas is more of a continental price and is harder to ship.
00:09:30.000 I can also say that there's six export terminal permits the Biden administration has been sitting on for over 12 months, not issuing permits to continue, notices to continue.
00:09:43.000 And so that's slowing down our ability to export natural gas.
00:09:46.000 If those permits would have been greenlighted at the beginning of the Biden administration, probably two of those six terminals would have been up and running, and we could export natural gas to Europe to help solve this problem.
00:09:57.000 And unfortunately, right now we can't.
00:09:59.000 Is the easiest and best way to transport natural gas is it via pipeline?
00:10:04.000 And then therefore something 3,000, 4,000 miles away logistically just makes it nearly impossible.
00:10:09.000 Is that right?
00:10:09.000 Yeah.
00:10:10.000 So, well, in terms of getting it to Europe, we would need to use a ship, right?
00:10:13.000 But as far as moving it around the U.S. or around Europe, yeah, pipelines make way more sense.
00:10:20.000 I've always thought that people that are trying to kill pipelines really don't understand, really haven't taken a look at the entire issue.
00:10:27.000 Because if you don't want to use oil, you don't want to use gas, then you want to kill the demand.
00:10:34.000 You don't necessarily want to kill the supply.
00:10:36.000 You're just making it less safe and the costs go up by not having pipelines.
00:10:41.000 So I want to ask you a question about fracking.
00:10:43.000 There seems to be a war against fracking.
00:10:45.000 Can you go into some detail?
00:10:47.000 What exactly is hydraulic fracturing, otherwise known as fracking?
00:10:50.000 What is the technology behind it?
00:10:53.000 How incredible is it?
00:10:54.000 In your own personal opinion, maybe it isn't.
00:10:56.000 I believe it is.
00:10:57.000 How is it developed?
00:10:58.000 And what has it meant for American energy superiority?
00:11:02.000 Well, it's really an amazing invention.
00:11:04.000 So before fracking, we would go, we would drill a well.
00:11:07.000 So call it one mile, two mile, whatever.
00:11:09.000 And you're really only looking for these.
00:11:11.000 The geologist is really only looking for this two or three inches or eight or nine inches near the bottom of that hole.
00:11:18.000 And that's where they think the hydrocarbons are.
00:11:21.000 Well, with fracking or well, with horizontal drilling, being able to go down and then go left or go right, and then fracking, we're able to take that kind of three inches or eight inches that the geologists want, and we're able to create a bunch of mini explosions.
00:11:38.000 And so increase the surface area by 500 times or 1,000 times of the amount of the pay zone or the geology we're looking for.
00:11:47.000 And so it's magnificent in terms of efficiency and increasing our ability to extract hydrocarbons cheaply.
00:11:56.000 Yeah.
00:11:56.000 So what is the controversy around it then?
00:11:59.000 Why is it that it seems that the entire American left wants to get rid of fracking?
00:12:03.000 What is it that they deem to be so controversial about this amazing technology?
00:12:08.000 Well, I think there's concern that it affects the water table, which it doesn't, in my opinion.
00:12:14.000 It's going to be well, well below the water table is generally 600, 800 feet.
00:12:18.000 We're talking about, you know, one or two miles below ground.
00:12:21.000 So big, big difference.
00:12:23.000 And I think a lot of people just don't understand the technology, haven't taken time to understand the technology.
00:12:28.000 And in general, are, you know, reluctant to side with oil companies on anything.
00:12:34.000 So I want to ask you, if you were, let's say, czar for a day, or if you were in charge of all the energy decisions for America, knowing where gas prices are right now and having the opinion that you would want gas prices to go down, I know that is a mixed opinion in certain oil circles.
00:12:50.000 In Midland, they're actually really happy the way they are right now, but they understand the danger of high oil prices.
00:12:55.000 What could be done right now to lower oil prices?
00:12:58.000 Would it be the Keys or XL pipeline, leasing on federal lands, offshore drilling?
00:13:03.000 You could wave a magic wand.
00:13:04.000 What could be done right now to lower oil prices?
00:13:07.000 Well, first of all, I think that the Biden administration should get out of the way of the industry.
00:13:12.000 And, you know, I would channel what Larry Kudlow says, drill, baby, drill.
00:13:16.000 But, you know, in terms of specifics, what the administration should do is the offshore leasing blocks that are scheduled to expire in June, they should continue those.
00:13:26.000 They should stop the federal moratorium on drilling on federal lands.
00:13:32.000 And they should stop the death by 10,000 cuts where they're putting in this kind of chilling effect on the industry by reducing the financing and access to debt and equity markets.
00:13:43.000 These things would encourage the industry to go out and drill more.
00:13:46.000 Look, I think the policy response of the Biden administration is why our production right now is 11.4 million barrels a day and it was 13 when COVID hit.
00:13:56.000 The administration needs to get out of the way and let the U.S. industry produce more. 0.91
00:14:02.000 And over time, that will cause the oil price to go down.
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00:15:22.000 So there's a lot of different types of pressures on there.
00:15:25.000 You mentioned one in particular.
00:15:26.000 Can you expand upon ESG or the environmental sustainable governance, how hard it is for individual wildcatters, if you will, entrepreneurs to actually be able to acquire financing because of some of this kind of woke capital structure that exists through Wall Street?
00:15:42.000 Yeah.
00:15:42.000 So I really believe there's been a chilling effect in the Biden administration on a lot of these Green New Deal or Green New Deal light policies they've been pushing and kind of the general apparatus has got investors really focused on staying away.
00:15:57.000 What is it?
00:15:57.000 BlackRock or Blackstone has said they're not going to invest in oil.
00:16:00.000 Several of the charitable foundations and stuff have deinvested from carbon.
00:16:05.000 And these kind of things I think are a little bit nonsensical in terms of, look, we need an all of the above approach and renewables and green are the direction.
00:16:15.000 And we all want to be, we all want clean water.
00:16:18.000 We all want clean air.
00:16:19.000 But look, even Elon Musk in the last few days has said, we've got to drill.
00:16:24.000 In terms of a transition, in terms of getting where we want to go, we need oil and gas and we need natural gas too.
00:16:32.000 Look, the power plants are powered by coal, nuclear, and natural gas.
00:16:36.000 Nobody wants coal.
00:16:38.000 Nobody wants new nuclear plants.
00:16:40.000 So when you plug your Tesla in, you're plugging your Tesla into a power plant that's powered by natural gas.
00:16:45.000 And yet they don't want to actually have the policies that would allow us to get more natural gas.
00:16:51.000 I want to ask you a couple of things as we close here.
00:16:54.000 Just being very, without being, let's say, trying to get a headline grabbing, without being hyperbolic, which I know you're not, where do you think oil will go to?
00:17:04.000 Some people are saying $200, $300 a barrel.
00:17:06.000 You're an expert in this field.
00:17:07.000 Where's oil going to?
00:17:09.000 Yeah, no, I was just talking to my team.
00:17:11.000 Look, I think oil is headed to $200.
00:17:13.000 It's a situation Ukraine doesn't change. 0.98
00:17:15.000 If you look at the Western European nations, if they put on similar sanctions on Russian oil, which is very easy for the U.S. to do, it's harder for the Western Europeans to do.
00:17:28.000 But I think if they do that, oil is going to hit $200.
00:17:30.000 And I don't know how if this crisis gets worse and worse and worse, I don't know how with a straight face they're going to be able to buy Russian energy.
00:17:38.000 So just in closing, tell us about your story, how you started your company.
00:17:42.000 It's a very amazing, it's an amazing Only in America story.
00:17:45.000 And do you think you'd be able to flourish and create the business you have under this current regime?
00:17:51.000 Well, it would definitely be harder under this current regime.
00:17:53.000 I feel like Biden just keeps throwing wet blankets at the oil and gas industry.
00:17:58.000 And to see him say that he's, you know, his speech yesterday just really upset me.
00:18:05.000 You know, my story is, you know, I was working for another company and there was a deal that, you know, I really liked that I thought the company should acquire.
00:18:13.000 They didn't want to acquire it.
00:18:14.000 So I went and went and bought this company in North Dakota myself.
00:18:17.000 And then, you know, we kept growing and the Bakken kept growing.
00:18:20.000 And today we've got 25 locations and a few hundred people and are really have really had just an amazing, amazing success.
00:18:29.000 I feel lucky and blessed.
00:18:31.000 And I think that's something that can only happen in America.
00:18:34.000 Well, amen.
00:18:35.000 I totally agree.
00:18:36.000 Well, Dan, thank you so much for joining us.
00:18:38.000 And thank you for walking us through all of this.
00:18:41.000 It's a very scary time.
00:18:42.000 People have a lot of questions when it comes to oil and natural gas.
00:18:45.000 And again, that is canaryusa.com if people want to check it out.
00:18:50.000 And thank you so much for joining us, Dan.
00:18:51.000 We really appreciate it.
00:18:53.000 Thank you for having me.
00:18:54.000 Big fan of your show.
00:18:54.000 So it's an honor to be on.
00:18:56.000 Thanks so much.
00:18:57.000 Talk to you soon.
00:18:57.000 Thank you.
00:18:58.000 Thank you.
00:19:01.000 Thanks so much for listening, everybody.
00:19:02.000 Email us your thoughts as always, freedom at charliekirk.com.
00:19:05.000 If you want to support our show, go to charliekirk.com slash support.
00:19:08.000 Thanks so much for listening.
00:19:09.000 God bless.
00:19:12.000 For more on many of these stories and news you can trust, go to CharlieKirk.com.