IMPORTANT NOTICE
Fully revamped and upgraded show notes (plus lots of bonus content and material) are now being sent out by Benny & The Squirrel directly. These notes will usually come out a few hours after the show is live on YouTube.
Please sign up via the link below.
Episode 87 was recorded at 4.30 EST on Thursday 17th September, 2026. Rob Connors of The Crude Chronicles joins Benny and the Squirrel to explain why he doesn't count barrels, why the marginal cost of production is the only number that matters in oil, and why he thinks crude is heading to $240 before this cycle is done!
We get into the well productivity slowdown that signals rising development costs, the "China collar" and the renminbi signal, why big tech's trillion-dollar capex binge is a replay of big oil in 2013, the refining secondary-unit squeeze, and where we are in the energy equity cycle (inning four or five, with parabolic euphoria still ahead).
If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor.