Josh Young, author of Bison Insights, joins Darrell Thomas to unpack why oil may be the most misunderstood and mispriced asset in today’s market. From extreme bearish sentiment and commodity cycles to shale decline rates, uranium skepticism, Venezuela’s political risk, and where real opportunities exist across producers, services, midstream, and royalties, this conversation digs into the structural forces shaping energy markets and why higher prices may be the only cure mike matheson for underinvestment.
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00:00 – Introduction & Josh Young background
01:00 – Commodity charts: gold, copper, and oil setup
03:00 – Sentiment extremes and contrarian signals in oil
05:30 – Parallels between precious metals and nationals vs reds oil cycles
08:55 – Uranium, nuclear power, and SMR skepticism
14:10 – Venezuela, property rights, and political risk
20:00 – Regime change myths and investment reality
23:15 – Heavy crude, U.S. refineries, and policy missteps
26:20 – Oil prices vs. true cost of production
32:50 – Input costs: steel, labor, and productivity limits
36:25 – Where to invest: producers, services, and midstream
44:15 – Oil royalties and mineral companies
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