This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - How to profit from ridiculous U.S. energy policies.
#Podcast #Transcription #ReadAlong #KnowledgeUnlocked
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This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - How to profit from ridiculous U.S. energy policies.
#Podcast #Transcription #ReadAlong #KnowledgeUnlocked
Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street. What's going on out there? It's Thursday, April 7th. I'm Frank Gurzius, the Wall Street Unplugged podcast where I break the headlines and tell you what's really moving these markets. A lot of movement in the markets, especially within oil and then Fed. Those minutes were released. I'm going to bring in Daniel Creech, senior research analyst at Curzio Research. Is that the name of this place? Curzio Research? I forget sometimes. What's going on? That's the sign we have on the door that I constantly say to take down. Not because I'm not proud to work here, but we're the Goldman Sachs. Not because we have anything to hide, but just so we should lay low, Frank. Lay low. Low is better sometimes, I know. I like that. Laying low is better than having some expectations. Because we share a (1/35)
parking lot with a couple other different businesses and I have no idea what their work schedule is, but it is not consistent. There's some days you can't get a parking spot and some days we are literally doing it once a year. I don't know what's going on. It's hilarious. It's ironic as hell. There's a business that sells weed or medical marijuana. I think it sells licenses. I don't think it sells weed. Is it a license? All I know is that the people that walk in there? Well it doubles as a rehab center too. Oh, does it? You see a lot of people limping in there and you kind of think, are they hurt and going in there? Or injuries and things. Yeah, it's nice. It's all kinds of stuff. My overall point to that was I can't imagine what people think about us because sometimes we're dressed well, sometimes we're dressed like we work out, sometimes we're carrying golf clubs, there's dogs, there's animals. I mean, it's hilarious. So people probably look at this sign and go, is that business? (2/35)
It's hella scary research. And if we actually research it and it's funny. Send us an email. What do you think we do here? Yeah, what do you think we do here? Let alone the people we share this wall with. Can you imagine what these builders think of us? Oh yeah, there's a custom home builder next to us too. So yeah, I guess place. But this, yeah, I mean, we've been here for a while now, I don't know, probably three or four years and it's just, yeah, we see businesses come and go. But it's nice. It's nice and it's quiet. I work late days, sometimes you're late, but I'm really late. And I like it because I come here, it's lit up, nobody's here, nobody bothers me. And yeah, it's just a nice isolated spot. And we don't have like a storefront, right, where people walk in off the street. Right, which is not, yeah. So taping, which is really cool. But yeah, it is definitely interesting. Anyway, got into a lot further than I think that I thought we were. Yeah. Yeah. So let's talk about what's (3/35)
going on on the Hill with the, you know, the US House of Representatives, Energy and Commerce Subcommittee on Oversight Investigations, while they held a hearing to grill, basically grill the oil companies while gasoline prices remain elevated, even though price for crude oil, the feedstock of fuels have dropped off of their highs from 130, say 100. But you know, they're ripping the oil companies apart because it's their fault oil prices are so high. And you've really been following this closely. I want to get your thoughts on this first. Yeah. I have to admit something here. I absolutely love these hearings because there's a little bit of something in here for everybody. Now I must set this up. The reason I love this, because I can handle this. And Frank, you know my heart, you know me better than most. It's not my desire to come across as cocky or arrogant. In fact, I try to not, I would almost try to come across the other way on that. However, on this topic, I can have full (4/35)
confidence because I am the perfect person to break this down because I am the guy that can handle this with laughter and not take it too seriously. Because if you watch this, only applying common sense rationale and try to go in here thinking that the people in power are trying to do what's right for everybody else, you would go insane and you won't be able to handle it. You'll go crazy. So I would recommend for the normal folks out there, a two to three drink alcoholic beverage minimum before you start diving into this stuff. That's my public safety disclosure. Why is that? Because they're idiots. And if you don't have- Give us an example. All right. First of all, the title of it is this hearing before the subcommittee and oversight investigation committee on energy and commerce, US House of Representatives is titled gouged at the gas station, big oil and Americans pain at the pump. That's great. All right. Now I will kick things off because the people that were up there from Dev on (5/35)
Energy, Shell, I don't know if you have the list, ExxonMobil, I know I'm missing a couple. There was a gentleman not in the oil and gas business more like a, he was a retired, I'll pull it up here in a minute. I don't want to give him, because he had some great points. He wasn't as part of the oil and gas. He was just trying to explain in data and detail on why we should be doing more US production versus relying on global partners, whether they be allies or not. But the people that were brought up here, and we've talked about these companies, we've been huge on Dev on, we've been huge on Exxon, which is in a dollar stock club. We've talked about pioneer natural resources. And that's who I'm going to start with here today because the opening statements, these guys knew what they were going into and there was one woman from Shell or something. But anyway, these guys know they're going into an arena where they're not welcome. This was totally split on party lines. If you were watching (6/35)
this, basically every Democrat that got a microphone in their five minutes, that's the other thing. These geniuses up on Capitol Hill, and these are both sides, Frank, they think that, hey, we're going to recognize you for five minutes and then you can get to grandstand and do all that. It was basically split on if you were a Democrat, you were bad mouthing them and blaming them for gouging, making near record profits, if not record profits, pulling at the emotional heartstrings of people. And then if you were a Republican, you were stating the administration's policies. And when President Joe Biden was a candidate and the specific quotes he said about ruining oil and gas and things like that, they were pointing to, hey, higher gas prices were before the invasion of Russia, involving or invading Ukraine and its policies, not just the initial spike of that. So the CEOs and representatives knew they were going into it, Frank. And I want to tell you this, this is why in the theme of (7/35)
jeopardy, like I did on Tuesday, we're going to give the answer as to why people need to give a fly in Florida about this. That's not my new thing while you're going flying in Florida. It keeps me out of the beef. I like you getting emotional. I'm telling you, I love this. So the Pioneer Natural Resources, this is a good quote, Frank, on the answer as to why you should pay attention and just the takeaway here is to own and have exposure to oil and gas and hard assets. Impressive drilling, low returns and volatile commodity prices combined with pressures to divest fossil fuel holdings cause many investors to reduce or eliminate their equity holdings in energy companies over the past decade. The energy, the industry, energy industry fell from representing, Frank, 12% of the combined market value of the S&P 500 companies in 2011 to less than 4% today. The reason that I have that circled on my notes in this printout and the reason you should pay attention out there is that that proves that (8/35)
the energy sector is basically left for dead from an asset allocating sector. It has gone to a such small percentage of the overall S&P 500, it is not a far stretch, in my opinion, to think that that will go higher, not continue lower from the 4% weighting or making up of the S&P 500. That means prices can go and continue to go much higher from here so investors need to take hold and invest in those companies in that sector to benefit. Would you like me to, Paul, would you like to join me on this, my little friend? I don't want you to keep going. I think it's entertaining as hell because I got some things to say too. I just think it's hilarious. I mean, guy, keep going. I'll go to my points in a second. Go ahead. Next topic here, the overall takeaway was the CEOs knew and they're politicians as well. They were smart in saying, hey, but the overall takeaway for individual investors is listen, you need to be exposed and invested in these areas and you need to understand the macro. When (9/35)
you go to vote, and I don't care how you vote, that shocks a lot of people. I really don't care. I wish you knew what you were voting for as long as you can explain why. I can agree or disagree. But at least know the reason behind things. And the big takeaway here is oil and gas are going to continue to be elevated because of policies and the major theme that disgusts me, Frank, is that one side of the aisle looks at this and says, hey, Frank, I can't wait till this massive transcript comes out because I want to search for the word patriotic. You've never heard more from one side of the argument say it's patriotic only to pay more to protect others in the high price of the pump. There is a huge headwind on investors in general on capitalism because over and over again these oil executives were drilled about share buybacks and dividends they pay to investors. The powers that be were telling them how to run their business. They have no idea how anything works. One representative called (10/35)
out a CEO and said, hey, if we do away with the federal gas tax, which is roughly 18 cents, will you pass that onto your customers? The gentleman pointed out, well, we collect that on behalf of the federal government and we give it to the federal government. If you give a tax holiday, we would quit collecting that tax in general. She then pressed, well, you would pass that onto your customers. He then had to explain, hey, let me try to be more clear. If you don't tax it, we won't even collect it. Therefore, they would say. The people making the rules are at least grandstanding here with billboards and different funny signs. A couple of the liberals had good signs, Frank, about the record profits that Exxon and Chevron and everybody had. A couple of Republicans had the stickers of Joe Biden pointing to me doing that and gas prices going high. There is a little bit of something for everybody. The takeaway here is you have a, capitalism is under attack. That ought to worry every investor, (11/35)
but it will result in higher asset prices. So benefit from it. Don't get punished by it. Frank Curzio I mean, for me personally, I love this. I love this stuff. It is entertaining as hell. I mean, they should call this like the politicians pretend to care about a constituents hearing. That's what they should be, right? Because they don't give a shit about us. We all know that. We all really know that. I mean, they're just going on and, you know, won't even go, I'll go over that in a second of the causes of higher oil prices, which is pretty obvious, but you're looking at the amount of money that we pay in taxes on this. It's like close to 30% when it comes to all the taxes. And a lot of that is like a low carbon tax and you offer programs and a greenhouse gas program, which is like 15, 20 cents again, underground tank storage, right? Fine. I get it. That's only 2 cents, but the federal excise tax is 18 cents per gallon. Yet the low carbon gas programs, that fee is 22 cents per gallon. (12/35)
That's going, that's taxpayers are paying all that stuff, right? So these guys would be yelling at the oil companies like it's their fault. It is a joke to me. I mean, look, you know, they're for pride, but they won't yell at Pfizer or anything. They won't yell at Pfizer that's pushing booster. By the way, for all the vaccines you've ever taken before COVID, how many booster shots did you need for those vaccines? Could someone answer that for me? Any doctors out there? Because now we're, and you see Pfizer commercial booster, but it's all about profits, profits, profits. You pulled a rug out from these oil companies, said you got to pay for carbon. You got to do all this. Then you said, okay, you can't drill. We're not going to let you drill as much. And the federal permit thing, it's funny because when you're looking at federal permits, it's the back and forth, right? So I don't care what political party you're on, right? I say that a lot, but when you're looking at the thousands, (13/35)
right? They're sitting on thousands of these federal permits, thousands of them. So when you're looking at 2,200 leases in court right now, that's what Western Energy Alliance is defending, 2,200 of those leases. And they're defending the companies, which is dozens, if not over a hundred oil companies that own those leases on the federal land, which cannot be developed while these cases are ongoing, right? And the reason why they're ongoing is because when you're on federal land, it's different guys. When you're on federal land, those permits are subject to environmental studies right off the bat. We all know how crazy that could become, right? You just have a guy with a grudge, hate this, hate whatever side, and I'm going to put up in court and make a big stink about it and protest. So it's a crazy process. Also they're subject to lawsuits by just about anyone, neighbors, municipalities, state, country government. So it's extremely difficult to drill on these. So while you have one (14/35)
party saying, well, we have 9,000 permits, what are you talking about? You can't drill. Okay. And again, depending on your politics, you may agree or disagree with what I just said, even though all those things are facts. And I get it because people are religious about politics. Ask yourself this, because if you have any common sense, any, ask yourself this. All companies are sitting on thousands of these federal permits. All prices have surged over a hundred dollars a barrel, which is whatever, four or five year highs, where the company's profit margins are absolutely massive here. So why the fuck are they not drilling on these permits on federal land? Why? Why wouldn't they be drilling on these if they were open? As an oil company, unless you hate profits, unless you hate money, they're doing everything they can to drill on these, but that won't happen. But the politicians will blame whoever they want to blame. You don't want to blame revoking the permit for the Keystone XL pipeline. (15/35)
Pretty big deal, right? Would have imported crude from Canada, which lowers our prices here. Or just so happens, I'm a believer. If you're a president, whatever happens with Bush, September 11th, if you're in office, it's your fault. Don't blame, oh, there's a party before me and a party before him and there's a party, because everybody plays a blame game. No one in politics wants to admit that, oh, this is me, my fault. Let me prove it, which I think will do wonders actually to actually just go on TV and say, hey, something is my fault and this is what we need to do to make it better. Right? Because that's normal. That's what we all go through. We all have ups and downs. That'll never happen. But when you're looking at Russia, which was the key to this with energy prices surging and we're leveraged to the world markets, guys, not just the US, we're leveraged to the world markets. This happened on the Biden's watch. So you could yell all you want and have these hearings or whatever. (16/35)
Again, there's an easy solution. Let the oil companies drill like crazy. We have the technology, open up these federal permits. They're in court. It's very difficult to drill on these, even from the context that I hear from. Make it as easy as possible. Become a major exporter. And we take a lot of those profits and we throw them towards alternative energy. It's a simple solution, but it'll never fucking happen. We all know that because the politicians are involved and they're going to pretend that they're there to represent the constituents and say, oh, well, the prices are higher. Oil companies fall in point because all the idiots don't want to do the research and actually look what's going on. That's why I think this is hilarious. When I see these politicians, you really understand what they don't know. And they know everything about the law because they love that. That's it. Right? They make the laws and most of them are lawyers. Things like this and just the economy, the stock (17/35)
market, when it comes to finance and the fact that they're so uneducated when it comes to this, most of these politicians, it's funny. It's very entertaining to watch this. And that's, again, I'm bashing everyone on both sides, but that's how I feel. Yeah. It's the reality is it affects everybody. This is why you pay attention to things like this. To your point on the drilling leases, President and CEO Rick Munkrie for CREF, I'm not sure, Dev on Energy, explained that permits like an APD or application for permit to drill, under normal circumstances, you basically try to get from ADP to drilling in five to six weeks. Fast forward, that's taking around six months now. So from five to six weeks to six months is a big deal. The other thing here to take away is that the only good thing about volatility and chaos, Frank, is that it speeds up the line of communication. So as parties, in this case, the party in power coming up to an election, they're going to have to get much more blunt and (18/35)
quit beating around the bush because they're running out of time to get their message across. You can get the sense of here, and I hope people watch this and can give us some feedback, Daniel at CurzioResearch.com, because there's a group of people out there, and I totally disagree, but I'm okay with them explaining this. There's a group of people out there that think, hey, the world is coming to an end if we don't get off oil and gas, and to everybody that's being hurt because of higher prices, that's just part of doing business. That's the cost of doing business, and the bigger issue, the bigger goal is better than you. That's where the patriotic left, ironically, came to the hearing today. They were talking about you oil companies ought to be patriotic and quit taking so much profits. Forget about the dividends and shareholders and big shareholders and the retirements and the pension plans and all that to have it. So you have to be very shallow when you're discussing this. You only (19/35)
want to grab onto one thing and keep on and take the ball and run with it. We can have fun with this. Like I said, you got to take this with laughter because if you don't learn to laugh about this, you will absolutely go insane and it'll drive you nuts. So I'm going to create a watch list of just these couple of companies on there. We're going to track their performance from here, Frank. It should be a fun whirlwind show, but please use any pullbacks to have exposure into this sector going forward. One last thing here too, because they're trying to say which price... You're looking at oil prices have come down. They have come down off their highs, 130, a little bit below 100 now. So wire prices coming down at the pump, and they haven't really come down at the pump, at least by me. I can't speak for every single state, but I'm pretty sure across the board, we haven't really seen them come down. So they're grilling BP, Chevron, Shell, and these guys are like, look, no one person dictates (20/35)
the price. It's a market. So in the market, these are the people who own the retail stations, whatever it's Circle K, if it's 7-Eleven, these are the people that dictate that. So those are the people, if you're really concerned about why that's not happening now, why they're not going lower, or why they're pushing lower, those are the people you need to grill because those are the people who really could set the prices every place. And that's what you see in all the gas stations. So Exxon, Shell kind of got out of that business a while ago. That's what you really have to focus on, so retailers, because I'm seeing it even here where we have lots of gas stations, and there's like a 20 cent difference, 25 cent difference in some of these areas, which is maybe two, three miles from my house compared to here. How's that possible? The same truck is coming to deliver, right? So it's not like, yeah, they should all be the same within your area, within a couple of miles, and they're not. That's (21/35)
a big difference between 20, 25 cents, but that maybe just you're grilling the wrong people here. It's great to grill these guys. I get it. I understand it. Politics, grandstanding, I get it, but it is kind of funny. It is kind of a waste of time because when you look yourself in the mirror, the reason why oil prices are really high has to do with a lot of politicians and less with these oil companies right now. Yeah, absolutely. But hey, it's been through boom and bust. They lost a lot of money overall, aggregately, during periods. Listen, and I'm not just defending these oil companies blindly. I'm not saying that they haven't made mistakes. They haven't done stupid things. That's not the takeaway here, so don't go there with me. I'm simply saying there's a lot of wiggle room here and I love the yes, no questions from both sides of the aisle. Like I said, these things are just, these are good theater. It's just unfortunate that it has such a drastic impact on our lives. Yeah. And (22/35)
you're looking at oil companies across the board, Pioneer being in this conversation is great to show you how big Pioneer is coming, which is one of the largest shell companies. Wow. They're amazing. You look at Devon Energy, which has been a fair fraud, you recommend Exxon on this site plenty of times. I mean, this specialty place as well, in smaller plays. How funny is it if you're Enron, sorry to interrupt, if you're Exxon, excuse me, not Enron. Enron. Close. If you're Exxon, you get these new board members, the Greenies, because BlackRock's throwing their weight around. You start putting out every comment you can make about environmental, social, and governments to please everybody, and what happens? You still get dragged in front of the House Committee and you're still yelled at. There's nothing you can do. Proving you can't win. So quit bending to the thumb of these people. You can't win. Just do what's right for the overall average American, please. That's my plea to these oil (23/35)
executives. Big oil and big tobacco got thrown around in yesterday's hearing. That was hilarious. It's just all about pitting those against one versus the other. So it's stock, it's shareholders versus the little guy. Why isn't the takeaway here to everybody buy stocks? It should be. That's what I'm saying. How do you participate in the capitalist system? People get pissed off at banks. They do great in the inflationary environment. Buy the stock. Take the money out of, not all your money out of savings, but why not have, if you buy the stock, you're getting an interest rate and you're letting inflation, now you're playing the inflation trend instead of it working against you by just keeping your money at these banks, which they're charging you fees at, leaving the cash. Another thing you brought up, and I think we're going to have to, because this is going more than expected, I want to really get into the Fed balance sheet. I'll do that tomorrow, frankly speaking, for you guys, all (24/35)
you guys that are subscribers and paid subscribers. Frankly speaking, that goes directly to emails on iTunes, but I'll break that down because that's moving the markets right now at the Fed minutes. You brought up the cigarette companies, and that's personal to me. My dad died of lung cancer. He maybe tried to quit for so many years, he just couldn't quit, and that was part of it. Guys, it's all about money. It's that simple. We know that cigarettes cause cancer. We know that if you smoke, lots of bad things could happen to you. We know all the facts. We know all the figures. Why are we still selling cigarettes? Because they make a shitload of money off the taxes. That's why they won't remove it completely. They're able to fine these companies tremendously, and they just generate that revenue. If it really was like, hey, you know what? We're going to put our foot down, and they crush the industry as it is, but hey, no smoking because it kills you. It causes cancer. We know it or (25/35)
whatever. Again, I hate the fact that the government dictates anything that you should do because I believe in free society, but the reason why they don't go totally to that side is the amount of money that they're making, and they're making a fortune off of cigarettes. It's the same thing with oil. They're making a fortune off of this. They'll go up there and argue and yell, just like the example you gave with the guy arguing, hey, if we get rid of the tax and stuff like that. To me, it's just funny, and the more you look into it, the more pissed off you get, and I think that's the point of all this shit because you can't be in the middle. In today's society, in a woke society, which is basically a terrorist organization being woke. It really is. They force shit into shit. It almost makes you that, hey, I support the gay community, transgender community, but I don't support a guy who's swimming in an event that's crushing women, that it's cheating, but if you say that you don't (26/35)
support that, all of a sudden you're lumped into like, oh my God. Like, don't say gay bill. It has nothing to do with not saying gay. It has to do with teachers. It has to do with our teachers not teaching third graders and second graders about our genitals. That's what that bill is. Don't say gay from it. It's all political. It's hilarious. I thought that bill was trying to encourage people not to have children. Holy shit. I mean, that's what the bill is. Wait a minute. The parents are there, right? Yeah, parents. I don't want to stress. Teachers are stranger. You don't know who a teacher is. Yeah. Some of them, oh, I know my teacher. No. Some people do. Most people don't know their teachers. I don't know anything that my teacher does outside teaching my kids. I don't know what hobbies are. I don't know. She's crazy. I don't know what club she's going to. I have no idea. Do I want them teaching my eighth grade? Not my eighth grade. I want them teaching my eight year old, seven year (27/35)
old kid about their genitals and about gender. Are you crazy? That's what that's what the funny thing is. That's what Disney is going all in on. And they are the biggest family organization that makes the most. And that's what they're fighting with. There's no case. Don't say gay bill. That's what it's about. And for me as a parent, I'm looking at this going, holy shit, no way. Don't go near near that young with those. Can you want your teachers? You're forcing your teachers to do that. So for me, when I look at the politics, it's designed to make you so pissed off that you have to choose sides. And sometimes we all fall into that trap. But instead of choosing sides right there, what you and I always say is choose the way you're going to make money on it for you and your family. Pfizer is it. Listen, they gave Pfizer the green light booster shots for everyone. Let's go. But what was the percentage? What the hell was the percentage for the kids? I mean, the kids don't even need this. We (28/35)
know. We know. The percentage down tremendously in terms. And they're like, oh, make sure you give your kids the vaccine and a booster. What are you talking about? So it's all about money. We've seen it with COVID. Now we're seeing so many things come to light. But when we really look at the politicians and what side they're going to take, how do you make money off it? Because it's really not that difficult and a lot of people don't look at it that way. And it's easy to make money that way. Just like we said, the banks, just like we're saying with oil companies, oil prices are probably going to continue to go higher and higher even though they're bitching about it. How do you make money off of this, off of what the Fed's doing, whether you agree, whatever side you are. At the end of the day, if you push politics aside, which is so hard to do in today's environment because it's always in your fucking face every second with social media and everything that you do, you can make a lot of (29/35)
money in this market. And the most important thing is you and your family. That's the most important thing. That was the most important thing in my life. Taking my daughter to the Kansas game last week. That was the most important thing in my life. Everything got put on hold. I'm like, this is an experience. I want her to go. It's going to be fantastic. That's how everyone should live. Not all the time. Don't be irresponsible. Don't leave. But that's what we do this for. If you put all that shit aside, you can really make a lot of money. And Daniel, you and I have been providing lots of free ideas on this and even on our paid newsletters. And yeah, there are lots of ways to play this instead of just going up to the rooftops and shouting. Yeah, by the people that were dragged in front of the hearings today. Yeah, why? Why is this whole event taking place? Why is it taking up time at CNBC? Why? Nothing's going to happen. The other thing on that is, remember ocean engineering, the (30/35)
offshore kind of robotics, underwater, deep drilling things. That's an interesting sector. I haven't seen that too much. I know a couple of ... I'm surprised they haven't gone up more. The rigs, Transocean. I think there's something to that to at least keep an eye on now and hopefully that'll make its way into a recommendation because I don't, again, I don't want to assume that that's just going to happen, but just following everything the way the path leads, I do think that the path of least resistance is for them to catch a bid and get some momentum behind them at some point in the future as long as prices continue to stay elevated, which everything we're seeing right now leads to that. It's so surprising too because if you look at 2019, and I have a chart up here guys, of Transocean rig, this is coming to a file for a very, very long time on the biggest deep water ocean drillers and you look at their stock price. I mean, it was $13 in 2018 and it was, right before COVID it was $7. (31/35)
It's $4.30. That's impossible. Yeah. I mean, how is that ... Probably a ton more shares outstanding and all that stuff too to stay afloat. I mean, it's not Apple's Apple's comparison. I just want to see where Exxon is. Look at how much Exxon. Exxon is flat over that time. The stock's still down tremendously. This is we're looking at a five-year chart, Exxon's actually up 1%. This stock's down 65% where oil prices are the highest they've been for five ... I don't get it. I got to look at the balance sheet and then it's probably horrible and that's why. If you're looking for oil, that's a good place to start searching because that's one of the areas within oil that haven't really taken off. Some of them are off their lows, but have taken off like a lot of these other names have. Just trying to generate ideas for people out there to do their own. If you would, I hate doing this, Daniel at CurzioResearch.com, it would be an interesting poll. Do you blame oil companies for the high price of (32/35)
gas or do you blame politics or do you blame Putin? That's easy. Three choices. One, two, three. Okay. Frank, CurzioResearch.com said it to both of us. I'm curious to hear too. I want to hear your thoughts on it. Yeah, I would like to know. If you blame oil companies, I'm not going to call you an idiot or stupid. I disagree, but please send it. Yeah. Who do you blame? Listen, they're for-profit organizations that make profits in these areas and maybe there's a little bit they could do, but you can't just oil prices are higher based on a lot of these policies that have come out and then you have a war thrown on top of that regardless. If it was Republican or Democrat, whatever is in office, that's taken place, which has a lot to do with this. Just to jump all over these guys and have a hearing and take up this, when nothing really is going to get done, it's just, hey, it is what it is. I'm going to see that poll and we'll report back to you on that. Daniel, listen, thanks so much for (33/35)
joining me on Thursday. I know Wednesday is your day, but that's awesome. I really, really appreciate it, buddy. I know you'll come back pretty soon. Absolutely. See you guys next week. Cheers. All right, guys. That's it for me. Again, frankly speaking, I'm going to break down everything on the Fed. The Fed minutes should be no surprise. Just a quick preview that's going to be for our subscribers is that the wishful thinking of the Fed being dovish is hilarious because they have no choice at all to be hawkish at this stage. We're seeing it from every single government. That's why you're seeing all the minutes that come out. Everything is going to be, hey, we have to reduce the balance sheet, which I'll break down. What was it? 9 trillion. Now they're saying they're going to shrink it by 95 billion a month or something like that. I'll break down the figures for you guys. Again, that's going to be for, frankly speaking. That's not an I2. It just goes to our paid subscribers. What (34/35)
newsletter you subscribe to, even their cheapest, which is $4 or $5 a month, I believe, for Dollar Stock Club or for the largest ones, which are thousands of dollars, which you get premium services and stuff like that, you get access to that podcast, frankly speaking. For you, you'll see me tomorrow. For everyone else, I will see you next week. Keep those questions coming. Frank at CurzioResearch.com. Have a great weekend. Take care. Announcer 1 – Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decisions solely on this broadcast. Remember, it's your money and your responsibility. (35/35)