George Seay joins Allen Jackson joins Allen Jackson to discuss current events.
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Allen Jackson NOW | Allen Jackson: Strategic Reserve | Allen Jackson Now | June 16, 2026
- Well, good evening and welcome to nashville.
- 00:00:17.008 --> 00:00:19.177
- I'm alan jackson.
- 00:00:19.177 --> 00:00:20.679
- Much of the world's
- 00:00:20.679 --> 00:00:21.880
- Attention has been focused on the conflict involving iran.
- 00:00:21.880 --> 00:00:25.417
- We've watched military strikes keep shipping lanes closed
- 00:00:25.417 --> 00:00:28.887
- And growing concerns that a regional conflict
- 00:00:28.887 --> 00:00:31.356
- Could become something much larger.
- 00:00:31.356 --> 00:00:33.758
- Well, as tensions increased, oil prices
- 00:00:33.758 --> 00:00:36.027
- Climbed and inflation concerns they returned.
- 00:00:36.027 --> 00:00:39.231
- That's because what happens in the middle east,
- 00:00:39.231 --> 00:00:41.166
- It doesn't stay in the middle east.
- 00:00:41.166 --> 00:00:42.601
- It affects global energy supplies and ultimately
- 00:00:42.601 --> 00:00:45.704
- The prices that americans pay at the gas pump.
- 00:00:45.704 --> 00:00:48.707
- Well, at the center of this story is the strait of hormuz.
- 00:00:48.707 --> 00:00:51.910
- It's one of the world's most important shipping
- 00:00:51.910 --> 00:00:53.879
- Corridors, and it's a route through which
- 00:00:53.879 --> 00:00:55.580
- A significant portion of the world's oil supply travels.
- 00:00:55.580 --> 00:00:59.317
- When that flow is threatened, markets react quickly
- 00:00:59.317 --> 00:01:02.587
- And uncertainty spreads far beyond the region.
- 00:01:02.587 --> 00:01:05.690
- But the situation is changing.
- 00:01:05.690 --> 00:01:08.193
- President trump announced that the united states
- 00:01:08.193 --> 00:01:10.362
- And iran have officially reached a peace agreement.
- 00:01:10.362 --> 00:01:13.598
- In announcing the deal, the president declared,
- 00:01:13.598 --> 00:01:16.134
- Let the oil flow signaling what many hope will be
- 00:01:16.134 --> 00:01:19.738
- The restoration
- 00:01:19.738 --> 00:01:20.872
- Of one of the world's most important energy routes.
- 00:01:20.872 --> 00:01:23.608
- The markets will.
- 00:01:23.608 --> 00:01:24.476
- They responded immediately.
- 00:01:24.476 --> 00:01:26.077
- Stocks moved higher and oil prices fell sharply as investors
- 00:01:26.077 --> 00:01:29.915
- Reacted to the prospect of increased energy supplies
- 00:01:29.915 --> 00:01:33.485
- And a reduced risk of further conflict in the region.
- 00:01:33.485 --> 00:01:36.888
- So what happens next?
- 00:01:37.389 --> 00:01:38.790
- Could this agreement help bring down energy prices?
- 00:01:38.790 --> 00:01:41.426
- Well, it provide relief to americans
- 00:01:41.426 --> 00:01:43.161
- Who've been struggling with higher costs and inflation.
- 00:01:43.161 --> 00:01:46.331
- Is this a meaningful step
- 00:01:46.331 --> 00:01:47.632
- Towards greater stability in the middle east,
- 00:01:47.632 --> 00:01:50.035
- Or is it simply a pause in a conflict
- 00:01:50.035 --> 00:01:51.870
- That has shaped the region for decades?
- 00:01:51.870 --> 00:01:54.105
- What should americans, investors, and business leaders
- 00:01:54.105 --> 00:01:56.608
- Be watching for in the weeks ahead?
- 00:01:56.608 --> 00:01:58.710
- You know, we live in a turbulent world.
- 00:01:59.578 --> 00:02:01.079
- That's not news.
- 00:02:01.079 --> 00:02:02.414
- Any place you put your finger on the globe, there's conflict.
- 00:02:02.414 --> 00:02:06.051
- It's not an easy time to be peaceful.
- 00:02:06.051 --> 00:02:08.887
- Since the start of the iran conflict.
- 00:02:08.887 --> 00:02:10.989
- There were loud voices in the media
- 00:02:10.989 --> 00:02:13.258
- Who were consistently saying
- 00:02:13.258 --> 00:02:14.693
- That the economy's going to crater.
- 00:02:14.693 --> 00:02:16.795
- All sorts of dire predictions. fear
- 00:02:16.795 --> 00:02:19.497
- Broadcasted over the airwaves on a daily basis in a loop.
- 00:02:19.497 --> 00:02:23.468
- Many headlines focused on worst case scenarios.
- 00:02:23.468 --> 00:02:26.838
- Well, the result was a steady stream of fear.
- 00:02:26.838 --> 00:02:30.108
- For months, the public heard warnings
- 00:02:30.108 --> 00:02:31.676
- Of recession, shortages and market panic.
- 00:02:31.676 --> 00:02:34.846
- However, many americans who heard predictions
- 00:02:34.846 --> 00:02:37.082
- Of market collapse
- 00:02:37.082 --> 00:02:38.283
- Watch their retirement accounts recover, and many even grew
- 00:02:38.283 --> 00:02:42.654
- Predictions that conflict would trigger major food inflation.
- 00:02:42.654 --> 00:02:46.258
- They failed
- 00:02:46.258 --> 00:02:46.925
- To materialize on the scale
- 00:02:46.925 --> 00:02:48.159
- That many in the media were warning about.
- 00:02:48.159 --> 00:02:50.629
- The media often treated the disruption in hormuz
- 00:02:50.629 --> 00:02:53.231
- As if it would permanently cripple the global economy.
- 00:02:53.231 --> 00:02:56.268
- Now these are challenging times.
- 00:02:56.901 --> 00:02:58.770
- When we see fearful headlines.
- 00:02:58.770 --> 00:03:00.338
- We may get frightened,
- 00:03:00.338 --> 00:03:02.007
- But we don't have to lead lives that are dominated by fear.
- 00:03:02.007 --> 00:03:05.543
- We cannot allow the media to frame our perspective.
- 00:03:05.543 --> 00:03:08.947
- I would point out, i'd remind all of you that jesus didn't
- 00:03:08.947 --> 00:03:11.283
- Lead a life free of conflict or challenge.
- 00:03:11.283 --> 00:03:13.785
- We find jesus in boats during storms.
- 00:03:13.785 --> 00:03:16.054
- His friends thought they were going to drown.
- 00:03:16.054 --> 00:03:18.390
- He went to his hometown and they tried to kill him.
- 00:03:18.390 --> 00:03:21.259
- He faced all sorts of challenges.
- 00:03:21.259 --> 00:03:24.062
- Yet we see in jesus that he never panicked.
- 00:03:24.062 --> 00:03:27.899
- You know, if he has to feed a multitude with a happy meal,
- 00:03:27.899 --> 00:03:31.002
- He was completely confident that there was enough for everybody
- 00:03:31.002 --> 00:03:34.306
- In this time of uncertainty and change.
- 00:03:34.306 --> 00:03:36.608
- Let's remember that jesus has promised to give us his peace.
- 00:03:36.608 --> 00:03:40.612
- Let's also consider this.
- 00:03:41.179 --> 00:03:42.847
- There's a peace deal on the table with iran.
- 00:03:42.847 --> 00:03:45.483
- Now, it's hard
- 00:03:45.483 --> 00:03:46.584
- To make peace with a regime who is wicked and evil.
- 00:03:46.584 --> 00:03:49.554
- And the current regime in iran is evil.
- 00:03:49.554 --> 00:03:52.557
- They have killed tens of thousands of their own citizens.
- 00:03:52.557 --> 00:03:55.293
- They sponsor terrorism around the earth.
- 00:03:55.293 --> 00:03:57.329
- They've killed thousands of americans.
- 00:03:57.329 --> 00:04:00.031
- Now i am for peace.
- 00:04:00.031 --> 00:04:01.599
- I don't think anybody's anxious to see boots on the ground.
- 00:04:01.599 --> 00:04:04.602
- But what we should pray
- 00:04:04.602 --> 00:04:05.870
- For is that peace will come to the people of iran,
- 00:04:05.870 --> 00:04:09.808
- That they will not live under that cruel, authoritarian
- 00:04:09.808 --> 00:04:13.078
- Dictatorship, that there will be a freedom
- 00:04:13.078 --> 00:04:15.480
- For the gospel to be proclaimed in the streets of tehran.
- 00:04:15.480 --> 00:04:19.017
- How god chooses to do that is beyond me.
- 00:04:19.017 --> 00:04:22.387
- I don't hold any criticism
- 00:04:22.387 --> 00:04:23.688
- For the deals that they're working on.
- 00:04:23.688 --> 00:04:25.523
- I think to stop the conflict is wonderful.
- 00:04:25.523 --> 00:04:28.426
- But at the end of the day, as believers in christ,
- 00:04:28.426 --> 00:04:31.262
- Let's understand what we're praying for.
- 00:04:31.262 --> 00:04:33.832
- Too often,
- 00:04:33.832 --> 00:04:34.632
- It seems to me we spend our authority
- 00:04:34.632 --> 00:04:36.634
- On personal comfort and convenience,
- 00:04:36.634 --> 00:04:39.170
- Praying that our kids will make it
- 00:04:39.170 --> 00:04:40.438
- Onto the little league team, or that we can drive a better car.
- 00:04:40.438 --> 00:04:44.042
- We serve a power and authority that's greater than anything
- 00:04:44.042 --> 00:04:47.212
- That a politician or a nation, or even the united nations
- 00:04:47.212 --> 00:04:50.982
- Can put forward.
- 00:04:50.982 --> 00:04:52.650
- Let's pray that the name of jesus
- 00:04:52.650 --> 00:04:54.486
- Will be exalted in the streets of tehran.
- 00:04:54.486 --> 00:04:57.122
- And while we're praying, let's pray
- 00:04:57.122 --> 00:04:58.823
- For the same thing that happened in havana.
- 00:04:58.823 --> 00:05:01.059
- That freedom will come to cuba.
- 00:05:01.059 --> 00:05:03.328
- For decades, they have been under the cruel,
- 00:05:03.328 --> 00:05:05.397
- Authoritarian diminishment of a communist dictatorship.
- 00:05:05.397 --> 00:05:08.767
- It's been horrific.
- 00:05:08.767 --> 00:05:10.468
- Let's ask that god will bring freedom to the people there.
- 00:05:10.468 --> 00:05:14.339
- Let's pray for the people of nigeria
- 00:05:14.339 --> 00:05:16.374
- Where they have been hunting christians.
- 00:05:16.374 --> 00:05:18.843
- That it will end and the christians
- 00:05:18.843 --> 00:05:20.412
- There will be free.
- 00:05:20.412 --> 00:05:22.013
- Let's pray that those who have hunted
- 00:05:22.013 --> 00:05:23.348
- Christians will become the hunted.
- 00:05:23.348 --> 00:05:25.650
- Let's not use our spiritual authority
- 00:05:25.650 --> 00:05:27.685
- And who we've been called to become in christ,
- 00:05:27.685 --> 00:05:30.088
- Only to resolve our individual problems.
- 00:05:30.088 --> 00:05:33.091
- I am happy to pray for those personal things in my own life,
- 00:05:33.091 --> 00:05:36.227
- And to join you in praying for yours.
- 00:05:36.227 --> 00:05:38.296
- I think that's appropriate.
- 00:05:38.296 --> 00:05:40.165
- But i believe god has called us to some assignments
- 00:05:40.165 --> 00:05:42.801
- That are greater than that as well.
- 00:05:42.801 --> 00:05:45.670
- If we will pray with the purposes of god in mind,
- 00:05:45.670 --> 00:05:48.706
- There's more reasons for hope than despair.
- 00:05:48.706 --> 00:05:51.443
- I promise it's still unclear what might ultimately happen
- 00:05:51.443 --> 00:05:55.113
- With iran, but america's energy security is safe.
- 00:05:55.113 --> 00:05:58.950
- We'll discuss that and the state of the overall economy
- 00:05:58.950 --> 00:06:01.653
- In just a moment.
- 00:06:01.653 --> 00:06:02.787
- When we're joined by george c,
- 00:06:02.787 --> 00:06:04.756
- He's the chairman of annandale capital.
- 00:06:04.756 --> 00:06:06.858
- Coming to us from dallas. i'll be right back.
- 00:06:06.858 --> 00:06:16.004
- Coming to us from dallas. i'll be right back.
- 00:06:16.004 --> 00:06:20.840
- Well, tonight we're
- 00:06:21.307 --> 00:06:22.408
- Joined by the chairman of annandale capital, george c.
- 00:06:22.408 --> 00:06:25.911
- Welcome back to the show, george.
- 00:06:25.911 --> 00:06:28.614
- Great to be here, alan.
- 00:06:28.614 --> 00:06:29.582
- Always love coming on.
- 00:06:29.582 --> 00:06:31.350
- Well, last week felt like a game of who's
- 00:06:31.350 --> 00:06:33.586
- On first regarding the war with iran.
- 00:06:33.586 --> 00:06:36.188
- We had a peace deal and then we didn't.
- 00:06:36.188 --> 00:06:37.923
- Then we had one and then we didn't.
- 00:06:37.923 --> 00:06:39.458
- And now i think we've got one.
- 00:06:39.458 --> 00:06:41.727
- Have you got a sense of what this could mean for oil prices?
- 00:06:41.727 --> 00:06:46.031
- Well, yeah, we've already gotten
- 00:06:46.665 --> 00:06:48.167
- A really telegraphed move in oil prices.
- 00:06:48.167 --> 00:06:51.237
- They've gone from close to $100 a barrel down to mid 70s
- 00:06:51.237 --> 00:06:55.307
- Very, very rapidly.
- 00:06:55.307 --> 00:06:56.542
- I think actually the oil markets are a little to too optimistic
- 00:06:56.542 --> 00:06:59.512
- About how quickly the oil is going to be flowing.
- 00:06:59.512 --> 00:07:02.248
- And the ceos of chevron and exxonmobil say
- 00:07:02.248 --> 00:07:04.950
- We're at dangerously low levels of inventory and reserve.
- 00:07:04.950 --> 00:07:08.387
- So i don't think the oil market is completely healed yet.
- 00:07:08.387 --> 00:07:10.723
- I think it's going to be bumpy for a while
- 00:07:10.723 --> 00:07:12.458
- When the oil prices are that low.
- 00:07:13.192 --> 00:07:14.727
- Is this a good time for us to replenish
- 00:07:14.727 --> 00:07:16.428
- Our strategic reserves?
- 00:07:16.428 --> 00:07:18.464
- Oh for sure.
- 00:07:18.464 --> 00:07:19.164
- We should have
- 00:07:19.164 --> 00:07:19.832
- We should have already done it
- 00:07:19.832 --> 00:07:20.699
- Before the conflict even started.
- 00:07:20.699 --> 00:07:22.101
- And right now is a great time to push it all the way back up.
- 00:07:22.101 --> 00:07:25.137
- I thought that the the biden administration was
- 00:07:25.137 --> 00:07:28.407
- Strategically,
- 00:07:28.407 --> 00:07:30.910
- Grossly negligent to take it down
- 00:07:30.910 --> 00:07:32.578
- In the first place
- 00:07:32.578 --> 00:07:33.812
- Just to try to reduce inflation and reduce the price of oil
- 00:07:33.812 --> 00:07:35.948
- And president trump has kind of repeated that.
- 00:07:35.948 --> 00:07:38.450
- It's time to get it
- 00:07:38.450 --> 00:07:39.385
- All the way back up to the top and keep it
- 00:07:39.385 --> 00:07:40.886
- There, unless we have another major conflict that arises.
- 00:07:40.886 --> 00:07:44.223
- Well, vice president vance had a comment on what's happening.
- 00:07:44.223 --> 00:07:46.792
- Let's watch what he had to say. and i want to ask a question.
- 00:07:46.792 --> 00:07:49.228
- Fundamentally, what this thing does, sean, is
- 00:07:49.228 --> 00:07:50.963
- You got to appreciate is, number one,
- 00:07:50.963 --> 00:07:52.364
- The straits of hormuz were open immediately.
- 00:07:52.364 --> 00:07:54.633
- You already see oil prices coming down substantially.
- 00:07:54.633 --> 00:07:57.736
- And i think it's only going to come down even further.
- 00:07:57.736 --> 00:07:59.605
- Number two,
- 00:07:59.605 --> 00:08:00.773
- It ensures that iran will never have a nuclear weapon.
- 00:08:00.773 --> 00:08:03.709
- And number three, it does go and say, look,
- 00:08:03.709 --> 00:08:07.513
- If the iranians are willing to change their ways,
- 00:08:07.513 --> 00:08:10.349
- If they're willing to behave like a normal country,
- 00:08:10.349 --> 00:08:12.217
- Stop trying to build a nuclear weapon,
- 00:08:12.217 --> 00:08:14.153
- Stop trying to fund terrorism all over the middle east,
- 00:08:14.153 --> 00:08:17.222
- Then we are willing to actually fundamentally
- 00:08:17.222 --> 00:08:19.391
- Transform our relationship with them.
- 00:08:19.391 --> 00:08:22.227
- Now, i know the prices that we pay at
- 00:08:22.962 --> 00:08:24.463
- The pump are determined only by the price of oil by the barrel.
- 00:08:24.463 --> 00:08:28.601
- Every state's got taxes and policies that affect that.
- 00:08:28.601 --> 00:08:31.270
- How much of our oil prices varies
- 00:08:31.270 --> 00:08:33.272
- And how much of it is fixed by those local states?
- 00:08:33.272 --> 00:08:36.709
- Or the states and the federal government
- 00:08:37.576 --> 00:08:39.378
- Both play a large role in what
- 00:08:39.378 --> 00:08:41.280
- The price of of gasoline is for the consumer.
- 00:08:41.280 --> 00:08:43.782
- I mean, you look at california and they've got an ungodly
- 00:08:43.782 --> 00:08:46.952
- Amount of taxes on that, that gasoline.
- 00:08:46.952 --> 00:08:49.455
- It's really not the united states
- 00:08:49.455 --> 00:08:52.157
- Government's fault or the oil companies fault.
- 00:08:52.157 --> 00:08:54.126
- And they try to vilify these oil company executives.
- 00:08:54.126 --> 00:08:56.328
- Is california
- 00:08:56.328 --> 00:08:57.930
- Tax and spend liberals in that legislature
- 00:08:57.930 --> 00:09:00.666
- And in the governor's office.
- 00:09:00.666 --> 00:09:01.734
- They put so many taxes on that,
- 00:09:01.734 --> 00:09:03.002
- And they put so much regulatory pressure
- 00:09:03.002 --> 00:09:04.637
- And almost all their refining capacity in that state's gone.
- 00:09:04.637 --> 00:09:07.706
- So it's just very, very expensive
- 00:09:07.706 --> 00:09:09.174
- To generate gasoline out there.
- 00:09:09.174 --> 00:09:11.176
- Remember you saying something that the refineries are set up
- 00:09:11.176 --> 00:09:14.480
- To process.
- 00:09:14.480 --> 00:09:16.015
- And forgive me here,
- 00:09:16.015 --> 00:09:17.016
- But it's almost like specific kinds of crude.
- 00:09:17.016 --> 00:09:19.885
- So where the oil comes from depends on where it can be
- 00:09:19.885 --> 00:09:22.388
- Refined.
- 00:09:22.388 --> 00:09:23.355
- Am i remembering that correctly?
- 00:09:23.355 --> 00:09:25.557
- Boy, you nailed that.
- 00:09:25.557 --> 00:09:26.525
- Most people really don't understand that.
- 00:09:26.525 --> 00:09:28.127
- But most of our refineries in the u.s.
- 00:09:28.127 --> 00:09:30.529
- Are set up to process the really stinky, thick,
- 00:09:30.529 --> 00:09:34.333
- Lower quality crude that
- 00:09:34.867 --> 00:09:36.502
- Countries like venezuela produce.
- 00:09:36.502 --> 00:09:38.170
- And the very light, sweet,
- 00:09:38.170 --> 00:09:40.773
- Very malleable crude that we produce.
- 00:09:40.773 --> 00:09:42.541
- And all the shale plays in the u.s.
- 00:09:42.541 --> 00:09:43.876
- Are really not that suitable
- 00:09:43.876 --> 00:09:45.144
- For our refineries, which is one reason among many
- 00:09:45.144 --> 00:09:48.213
- That we actually export a lot of our domestically
- 00:09:48.213 --> 00:09:50.582
- Produced crude, because it's more appropriate
- 00:09:50.582 --> 00:09:52.217
- For other refineries outside the us.
- 00:09:52.217 --> 00:09:55.087
- Well, i read recently that we've become the world's
- 00:09:55.087 --> 00:09:57.222
- Leading exporter of oil.
- 00:09:57.222 --> 00:09:58.724
- Is that accurate?
- 00:09:58.724 --> 00:09:59.625
- And is that a good thing for us?
- 00:09:59.625 --> 00:10:02.327
- That is extremely accurate.
- 00:10:02.327 --> 00:10:03.529
- And it's another reason why, when president trump says drill,
- 00:10:03.529 --> 00:10:06.598
- Drill, drill and wants the price of oil
- 00:10:06.598 --> 00:10:08.400
- To go down to $40 a barrel, it's actually a misguided 1970s era
- 00:10:08.400 --> 00:10:13.572
- Stagflation new york perspective,
- 00:10:13.572 --> 00:10:15.674
- Because the oil and gas industry in the united states
- 00:10:15.674 --> 00:10:17.710
- Has been revolutionized by the shale boom
- 00:10:17.710 --> 00:10:20.179
- The last 20 years, and we have several million jobs
- 00:10:20.179 --> 00:10:23.582
- That depend on the oil and gas industry.
- 00:10:23.582 --> 00:10:25.150
- So we don't want oil to be at $100 a barrel.
- 00:10:25.150 --> 00:10:27.319
- Well, we don't want it at 40 either.
- 00:10:27.319 --> 00:10:29.221
- Kind of.
- 00:10:29.221 --> 00:10:30.122
- The 65 to $90 a barrel range is right.
- 00:10:30.122 --> 00:10:32.124
- The sweet spot
- 00:10:32.124 --> 00:10:33.392
- Where they make plenty of money and will continue to drill, but
- 00:10:33.392 --> 00:10:35.928
- The prices is so low
- 00:10:36.395 --> 00:10:37.596
- That they're disincentivize to look for additional oil.
- 00:10:37.596 --> 00:10:40.799
- So if we're if we are leading the world in exporting oil
- 00:10:40.799 --> 00:10:43.669
- That i know what you said about our refineries, but
- 00:10:43.669 --> 00:10:46.505
- Why is it that something in the strait of hormuz
- 00:10:46.505 --> 00:10:48.574
- Has such an immediate impact about what we pay at the pump?
- 00:10:48.574 --> 00:10:52.578
- Yeah.
- 00:10:52.811 --> 00:10:53.345
- It's just it's it's
- 00:10:53.345 --> 00:10:54.813
- It's it's kind of unavoidable as a people play the markets
- 00:10:54.813 --> 00:10:58.951
- And they know that
- 00:10:58.951 --> 00:10:59.952
- When the strait of hormuz is cut off, you've got
- 00:10:59.952 --> 00:11:01.854
- 20 million barrels of oil,
- 00:11:01.854 --> 00:11:03.055
- It's suddenly cut off from the global market.
- 00:11:03.055 --> 00:11:04.890
- And that's a huge percentage of the and daily consumption
- 00:11:04.890 --> 00:11:08.827
- Around the world.
- 00:11:08.827 --> 00:11:10.062
- We consume about 103 million barrels a day around the world.
- 00:11:10.062 --> 00:11:13.465
- The u.s. consumes about 25 million of that.
- 00:11:13.465 --> 00:11:15.534
- So the lion's share.
- 00:11:15.534 --> 00:11:16.769
- So you got traders front running the market
- 00:11:16.769 --> 00:11:18.737
- And pushing the price of the commodity up.
- 00:11:18.737 --> 00:11:20.706
- But it's also a supply
- 00:11:20.706 --> 00:11:21.907
- Demand deal where if you're if you're supplies down,
- 00:11:21.907 --> 00:11:25.611
- Your demand stays flat, you've got a shortage.
- 00:11:25.611 --> 00:11:27.913
- And the price is just going to reflect
- 00:11:27.913 --> 00:11:29.148
- That and it reflects it pretty quickly.
- 00:11:29.148 --> 00:11:30.716
- But the, the, the cool secret that most people didn't realize
- 00:11:30.716 --> 00:11:34.319
- Is that the price of crude internationally
- 00:11:34.319 --> 00:11:35.954
- Was significantly higher
- 00:11:35.954 --> 00:11:37.756
- Than the price of crude oil here domestically in the u.s.,
- 00:11:37.756 --> 00:11:39.992
- And it's because we're such
- 00:11:39.992 --> 00:11:40.826
- A powerful producer of the commodity.
- 00:11:40.826 --> 00:11:43.662
- Well, i know your expertise isn't limited to oil.
- 00:11:43.662 --> 00:11:45.864
- You live in the whole market world.
- 00:11:45.864 --> 00:11:47.800
- Do you think the younger generations
- 00:11:47.800 --> 00:11:49.668
- Understand the impact of the bull market
- 00:11:49.668 --> 00:11:51.436
- That we've been in?
- 00:11:51.436 --> 00:11:53.272
- No, i that is a great question, alan.
- 00:11:53.272 --> 00:11:55.941
- I if you're under 30 years of age, you have no experience
- 00:11:55.941 --> 00:11:59.711
- With what a really terrible bear market can look like.
- 00:11:59.711 --> 00:12:02.314
- We had a very brief bear market in 2022
- 00:12:02.314 --> 00:12:04.783
- When the federal reserve raised interest rates so much.
- 00:12:04.783 --> 00:12:07.319
- We had maybe one other period
- 00:12:07.319 --> 00:12:08.620
- Of time in the last 16 years where the market went down
- 00:12:08.620 --> 00:12:11.623
- Around 20%.
- 00:12:11.623 --> 00:12:12.791
- The pandemic, it went down 37% actually in one month until it
- 00:12:12.791 --> 00:12:16.628
- Rebounded dramatically.
- 00:12:16.628 --> 00:12:17.830
- But they just don't understand how bad a bear market can be
- 00:12:17.830 --> 00:12:21.200
- From 2007 to 2009, which is now, believe it or not, 17
- 00:12:21.200 --> 00:12:25.437
- Plus years ago.
- 00:12:25.437 --> 00:12:26.438
- It's just crazy.
- 00:12:26.438 --> 00:12:27.506
- The market from top to bottom went down 57%.
- 00:12:27.506 --> 00:12:30.876
- And that's excruciating that that's a lot of pain.
- 00:12:30.876 --> 00:12:33.378
- A lot of people quit retired due to the stress of that
- 00:12:33.378 --> 00:12:36.448
- Who were professionals in the industry.
- 00:12:36.448 --> 00:12:37.816
- And a lot of people didn't
- 00:12:37.816 --> 00:12:38.917
- Return to the stock market any time soon after that
- 00:12:38.917 --> 00:12:40.452
- Because it was such a bad experience.
- 00:12:40.452 --> 00:12:42.688
- And we're overdue for another bear market,
- 00:12:42.688 --> 00:12:44.323
- But we certainly don't want one.
- 00:12:44.323 --> 00:12:45.724
- So i hope i hope the bear stays away longer.
- 00:12:45.724 --> 00:12:48.994
- But i want to ask a follow up question,
- 00:12:48.994 --> 00:12:50.696
- But we need to take a short break.
- 00:12:50.696 --> 00:12:51.864
- Can you stand by for another segment?
- 00:12:51.864 --> 00:12:54.032
- Yes, sir.
- 00:12:54.032 --> 00:12:55.067
- All right.
- 00:12:55.067 --> 00:12:56.068
- If you happen to have your phone in your hand,
- 00:12:56.068 --> 00:12:57.502
- You can log on to aj now.com and send me an email
- 00:12:57.502 --> 00:13:00.372
- With your questions on these topics. we'll be right back.
- 00:13:00.372 --> 00:13:10.002
- With your questions on these topics. we'll be right back.
- 00:13:10.002 --> 00:13:14.854
- George jesus
- 00:13:15.188 --> 00:13:16.089
- Was the last of the great hebrew prophets.
- 00:13:16.089 --> 00:13:19.225
- So i'm not asking you to foretell the future,
- 00:13:19.225 --> 00:13:22.028
- But i am curious.
- 00:13:22.028 --> 00:13:23.196
- What's your sense of the market and what is ahead of us?
- 00:13:23.196 --> 00:13:27.300
- Well, you're seeing
- 00:13:27.767 --> 00:13:28.868
- A lot of speculative frenzy in the market right now.
- 00:13:28.868 --> 00:13:31.504
- I don't think it's
- 00:13:31.504 --> 00:13:32.739
- As bad as the dot.com era was, but you can certainly see it.
- 00:13:32.739 --> 00:13:36.042
- I mean, you've had space, which was
- 00:13:36.042 --> 00:13:38.044
- Where public at 80 times sales, which is an absurd multiple.
- 00:13:38.044 --> 00:13:41.447
- The s&p trades i think at three times sales,
- 00:13:41.447 --> 00:13:44.851
- It's almost double within a week from that price.
- 00:13:44.851 --> 00:13:47.887
- It's now more valuable than than amazon or microsoft,
- 00:13:47.887 --> 00:13:51.157
- If you can believe that.
- 00:13:51.157 --> 00:13:51.991
- I mean, the price that it soared is just
- 00:13:51.991 --> 00:13:54.127
- Hard to wrap your mind around.
- 00:13:54.127 --> 00:13:55.528
- And the rest of the market is trading it
- 00:13:55.528 --> 00:13:56.796
- Well north of 20 times earnings,
- 00:13:56.796 --> 00:13:58.364
- Which is about 20% higher than the historical
- 00:13:58.364 --> 00:14:01.467
- Average of what the stock market's supposed to trade at.
- 00:14:01.467 --> 00:14:03.937
- But you know, it's funny.
- 00:14:03.937 --> 00:14:05.405
- People who look at very expensive stocks
- 00:14:05.405 --> 00:14:07.774
- Just think we're going to have
- 00:14:07.774 --> 00:14:08.708
- A terrible bear market as a result of that.
- 00:14:08.708 --> 00:14:10.977
- And the stock market
- 00:14:10.977 --> 00:14:12.378
- Never goes down just because it's expensive.
- 00:14:12.378 --> 00:14:14.514
- I mean, in 1996,
- 00:14:14.514 --> 00:14:15.782
- Alan greenspan, then chairman of the federal reserve, said
- 00:14:15.782 --> 00:14:18.785
- We had irrational exuberance, quote unquote, in the markets.
- 00:14:18.785 --> 00:14:22.522
- And the market more than doubled
- 00:14:22.522 --> 00:14:24.057
- The next four years after that.
- 00:14:24.057 --> 00:14:25.391
- So this could go on a long time.
- 00:14:25.391 --> 00:14:27.593
- But you mentioned space x,
- 00:14:27.593 --> 00:14:28.995
- And i'm not sophisticated enough to even understand
- 00:14:28.995 --> 00:14:31.397
- What's happening with all of that.
- 00:14:31.397 --> 00:14:33.099
- But i've been intrigued at the hatred directed at elon musk
- 00:14:33.099 --> 00:14:36.869
- Because of the success of space x.
- 00:14:36.869 --> 00:14:40.139
- Do we really hate capitalism so much that people that do
- 00:14:40.139 --> 00:14:43.309
- Well in the system, we're going to vilify them?
- 00:14:43.309 --> 00:14:45.278
- That just seems bizarre to me.
- 00:14:45.278 --> 00:14:46.746
- Well, you know, that's a really interesting point.
- 00:14:47.747 --> 00:14:49.916
- The wall street
- 00:14:49.916 --> 00:14:50.717
- Journal had a wonderful editorial
- 00:14:50.717 --> 00:14:51.918
- The other day talking about
- 00:14:51.918 --> 00:14:53.386
- How much good elon musk has done for the country in the world,
- 00:14:53.386 --> 00:14:56.589
- With all the jobs he's created and all the
- 00:14:56.589 --> 00:14:58.858
- Incredible technologies you brought to bear.
- 00:14:58.858 --> 00:15:00.727
- He's he's a historical figure already in the guys
- 00:15:00.727 --> 00:15:03.896
- Barely 50 years old.
- 00:15:03.896 --> 00:15:05.064
- So you talked earlier about how millennials and gen z
- 00:15:05.064 --> 00:15:08.801
- Really are not familiar with their stock markets,
- 00:15:08.801 --> 00:15:11.237
- Where the stock market goes really, really badly.
- 00:15:11.237 --> 00:15:13.806
- They're also not familiar with socialism
- 00:15:13.806 --> 00:15:15.775
- Because they've really had no active personal experience
- 00:15:15.775 --> 00:15:19.445
- About what socialism really looks like
- 00:15:19.445 --> 00:15:21.347
- In the north korea, venezuela, cuba, soviet union, china,
- 00:15:21.347 --> 00:15:26.285
- These countries that actually practice that
- 00:15:26.285 --> 00:15:28.054
- And how much misery it creates
- 00:15:28.054 --> 00:15:29.589
- And how horrible it can be for the citizens of the country.
- 00:15:29.589 --> 00:15:32.725
- You're under the thumb of that horrible system.
- 00:15:32.725 --> 00:15:35.061
- So there is a lack of regard for capitalism among younger
- 00:15:35.061 --> 00:15:38.965
- Americans that, quite frankly, is just a function of ignorance.
- 00:15:38.965 --> 00:15:42.201
- They don't realize how great they've got it.
- 00:15:42.201 --> 00:15:43.770
- I mean, it doesn't take long to
- 00:15:43.770 --> 00:15:45.638
- Travel around the world before you realize
- 00:15:45.638 --> 00:15:47.707
- You live in the best country in the world right here,
- 00:15:47.707 --> 00:15:49.409
- Even with all our problems.
- 00:15:49.409 --> 00:15:51.077
- Yeah, i think the worldview of
- 00:15:51.077 --> 00:15:52.245
- So many of our younger generations reflects that.
- 00:15:52.245 --> 00:15:54.380
- Our universities have become
- 00:15:54.380 --> 00:15:56.082
- Indoctrination and propaganda centers
- 00:15:56.082 --> 00:15:58.084
- And not educational institutions. it's unfortunate.
- 00:15:58.084 --> 00:16:00.920
- Well, i have to crow a little bit about that,
- 00:16:01.821 --> 00:16:03.589
- Because my beloved alma mater, the university of texas
- 00:16:03.589 --> 00:16:06.459
- At austin, in its top two jobs, the president and the provost.
- 00:16:06.459 --> 00:16:10.296
- The provost really controls all the faculty
- 00:16:10.296 --> 00:16:12.331
- And deans at a major university
- 00:16:12.331 --> 00:16:14.467
- Are both held currently by conservative christian men.
- 00:16:14.467 --> 00:16:17.437
- They're not homies or partizans for the republican party
- 00:16:17.437 --> 00:16:20.440
- Or any political group.
- 00:16:20.440 --> 00:16:21.908
- But they are.
- 00:16:21.908 --> 00:16:22.508
- They are sound thinking,
- 00:16:22.508 --> 00:16:25.111
- Traditional conservative and men of faith too.
- 00:16:25.111 --> 00:16:28.247
- So to have them running that very liberal university
- 00:16:28.247 --> 00:16:30.750
- And taking it in a more conservative
- 00:16:30.750 --> 00:16:33.052
- And more balanced direction is really good.
- 00:16:33.052 --> 00:16:35.088
- And we need to see that across
- 00:16:35.088 --> 00:16:36.556
- A whole lot more universities in this country right now.
- 00:16:36.556 --> 00:16:39.392
- Absolutely. well, you bring up a point.
- 00:16:39.392 --> 00:16:41.594
- We're witnessing a historic population shift
- 00:16:41.594 --> 00:16:44.997
- From from states
- 00:16:44.997 --> 00:16:47.567
- That have one set of policies to a much
- 00:16:47.567 --> 00:16:50.136
- More conservative place.
- 00:16:50.136 --> 00:16:51.938
- And along with that, there's a significant corporate relocation
- 00:16:51.938 --> 00:16:55.174
- That's got to have,
- 00:16:55.174 --> 00:16:55.908
- It seems to me, some long term
- 00:16:55.908 --> 00:16:57.376
- Economic impacts on all of our lives.
- 00:16:57.376 --> 00:16:59.846
- Am i reading that correctly?
- 00:16:59.846 --> 00:17:01.747
- Well, you look at your
- 00:17:02.215 --> 00:17:03.316
- Home state of tennessee, in my home state of texas,
- 00:17:03.316 --> 00:17:05.485
- And they're going to be two of the
- 00:17:05.485 --> 00:17:07.053
- Five or so biggest beneficiaries of that trend.
- 00:17:07.053 --> 00:17:10.223
- Companies are dying to move to texas
- 00:17:10.223 --> 00:17:12.058
- Or tennessee or florida or south carolina or north carolina,
- 00:17:12.058 --> 00:17:15.928
- Or these states that have much more business friendly policies
- 00:17:15.928 --> 00:17:18.831
- And also have safer communities and more family friendly
- 00:17:18.831 --> 00:17:23.136
- Communities for their children to safely play in and live in.
- 00:17:23.136 --> 00:17:26.405
- And that trend only accelerating.
- 00:17:26.405 --> 00:17:28.875
- It's increasing.
- 00:17:28.875 --> 00:17:29.775
- And you see these
- 00:17:29.775 --> 00:17:31.210
- Very, very left
- 00:17:31.210 --> 00:17:32.245
- Wing blue states double down on failed policies.
- 00:17:32.245 --> 00:17:34.714
- I saw rhode island raise their income tax
- 00:17:34.714 --> 00:17:36.549
- Another 2 or 3% just yesterday or the day before.
- 00:17:36.549 --> 00:17:40.086
- And you just scratch your head and go,
- 00:17:40.086 --> 00:17:42.221
- When are these people ever going to learn?
- 00:17:42.221 --> 00:17:43.923
- It's like no amount of job loss or citizen migration
- 00:17:43.923 --> 00:17:47.760
- Can wake them up
- 00:17:47.760 --> 00:17:49.295
- To the fact that they're running failed states.
- 00:17:49.295 --> 00:17:51.130
- At this point.
- 00:17:51.130 --> 00:17:52.598
- You know, texas is drawing a lot of national attention
- 00:17:52.598 --> 00:17:54.967
- Because of your senate race.
- 00:17:54.967 --> 00:17:57.036
- I remember when california was a solid red state.
- 00:17:57.036 --> 00:18:00.406
- It's far from that today, and it seems to be
- 00:18:00.406 --> 00:18:02.408
- A tremendous amount of pressure trying to flip texas,
- 00:18:02.408 --> 00:18:05.111
- A lot of money coming into texas from people other than texans
- 00:18:05.111 --> 00:18:08.848
- To affect your senate race.
- 00:18:08.848 --> 00:18:11.317
- Can you give us some insight, understanding?
- 00:18:11.317 --> 00:18:14.020
- Yeah, that's that's a tough one.
- 00:18:14.654 --> 00:18:16.789
- The the,
- 00:18:16.789 --> 00:18:18.991
- The can't the republican candidate for the u.s.
- 00:18:18.991 --> 00:18:20.826
- Senate in texas
- 00:18:20.826 --> 00:18:21.494
- And a democrat had won statewide
- 00:18:21.494 --> 00:18:23.196
- And almost over a quarter century at this point.
- 00:18:23.196 --> 00:18:25.498
- So it's been blood red as it gets down there in texas.
- 00:18:25.498 --> 00:18:28.434
- But our our nominee
- 00:18:28.434 --> 00:18:29.869
- For the republican side has been indicted.
- 00:18:29.869 --> 00:18:32.438
- And he was nearly indicted again.
- 00:18:32.438 --> 00:18:34.040
- And he's had all sorts
- 00:18:34.040 --> 00:18:35.107
- Of marital issues that have been very public.
- 00:18:35.107 --> 00:18:36.909
- And there's a lot of people
- 00:18:36.909 --> 00:18:38.377
- Who may like his politics, but they're not big fans of his.
- 00:18:38.377 --> 00:18:41.414
- So we've got a senate race this year that's very tight.
- 00:18:41.414 --> 00:18:44.517
- The democrat, candidate is very well-spoken and very smart,
- 00:18:44.517 --> 00:18:49.088
- And he presents himself well, even though he's very radically
- 00:18:49.088 --> 00:18:51.724
- Left in his policies
- 00:18:51.724 --> 00:18:53.259
- And we got kind of a barnburner or at least it looks like one.
- 00:18:53.259 --> 00:18:56.262
- It looks like the a rehash of the ted cruz beto,
- 00:18:56.262 --> 00:19:00.967
- Robert francis
- 00:19:01.300 --> 00:19:02.501
- O'rourke election of 2018, which was decided by just 2.6%.
- 00:19:02.501 --> 00:19:06.372
- So this one's going to be tied to, i think
- 00:19:06.372 --> 00:19:09.242
- I suspect your your talarico is well-spoken.
- 00:19:09.242 --> 00:19:11.811
- You're right.
- 00:19:11.811 --> 00:19:12.478
- But his theological framework,
- 00:19:12.478 --> 00:19:15.248
- It came out of the loony bin.
- 00:19:15.248 --> 00:19:17.783
- We we texans are plenty
- 00:19:17.783 --> 00:19:19.785
- Pretty, blunt and plainspoken when it comes down to it.
- 00:19:19.785 --> 00:19:22.722
- Just like you tennesseans and i.
- 00:19:22.722 --> 00:19:24.657
- I'll just come out right out and say it.
- 00:19:24.657 --> 00:19:25.958
- He's a heretic with his views.
- 00:19:25.958 --> 00:19:27.426
- I mean, his views are not biblically based whatsoever.
- 00:19:27.426 --> 00:19:29.829
- A lot of them, you know, that's an accurate description.
- 00:19:29.829 --> 00:19:32.131
- George, i thank you for your time today.
- 00:19:32.131 --> 00:19:33.633
- We always appreciate your insight.
- 00:19:33.633 --> 00:19:36.068
- Thank you. allen, it's been great.
- 00:19:36.068 --> 00:19:37.837
- We'll be back in just a moment.
- 00:19:37.837 --> 00:19:46.003
- We'll be back in just a moment.
- 00:19:46.003 --> 00:19:50.116
- Thank you for spending a few minutes with us today.
- 00:19:51.117 --> 00:19:53.185
- Just a reminder, if you ever miss a live episode,
- 00:19:53.185 --> 00:19:55.655
- You can always go to aj now.com.
- 00:19:55.655 --> 00:19:57.990
- There's a full archive there of all the programs.
- 00:19:57.990 --> 00:20:00.660
- You can watch them at your leisure.
- 00:20:00.660 --> 00:20:02.128
- They're easy to share with a friend
- 00:20:02.128 --> 00:20:03.896
- And thank you for your emails. they're always a highlight.
- 00:20:03.896 --> 00:20:06.265
- Steve from south carolina wrote what's going on in new york?
- 00:20:06.265 --> 00:20:10.503
- Wanting to ban, using or saying mother or father wouldn't
- 00:20:10.503 --> 00:20:14.307
- Want this. ban the bible in the church.
- 00:20:14.307 --> 00:20:16.309
- The church would then have to say
- 00:20:16.309 --> 00:20:17.677
- God the non gesticulating instead of god the father.
- 00:20:17.677 --> 00:20:22.248
- Well, steve, i regret to
- 00:20:22.782 --> 00:20:24.450
- Tell you it's not a new problem in theological education.
- 00:20:24.450 --> 00:20:28.287
- We've been way off base on this for a long time.
- 00:20:28.287 --> 00:20:30.256
- When i was going
- 00:20:30.256 --> 00:20:31.390
- Through the academic process, and that's been a bit
- 00:20:31.390 --> 00:20:33.793
- And one of the most celebrated schools in the nation,
- 00:20:33.793 --> 00:20:36.395
- We were banned from using male pronouns in reference to god.
- 00:20:36.395 --> 00:20:40.166
- You could refer to god, our mother, our heavenly parent,
- 00:20:40.166 --> 00:20:43.636
- But you couldn't speak about god our father or you'd be failed.
- 00:20:43.636 --> 00:20:47.573
- Not a new idea.
- 00:20:47.940 --> 00:20:49.108
- This is so deeply rooted in the church.
- 00:20:49.108 --> 00:20:51.711
- It's the reason and so many of our churches,
- 00:20:51.711 --> 00:20:53.479
- Our mainline churches, our celebrated churches,
- 00:20:53.479 --> 00:20:56.015
- We've rejected a biblical worldview.
- 00:20:56.015 --> 00:20:57.883
- We've rejected the authority of scripture.
- 00:20:57.883 --> 00:21:00.186
- We have rejected orthodoxy.
- 00:21:00.186 --> 00:21:02.288
- We've got to humble ourselves and pray.
- 00:21:02.288 --> 00:21:04.557
- Our problem is not fundamentally political.
- 00:21:04.557 --> 00:21:06.959
- Our problem is fundamentally spiritual.
- 00:21:06.959 --> 00:21:09.362
- And if god's people will begin to humble ourselves and pray,
- 00:21:09.362 --> 00:21:11.897
- I believe god will help us bring about change.
- 00:21:11.897 --> 00:21:14.667
- Lupe from california emailed,
- 00:21:15.301 --> 00:21:17.203
- I'm a resident of california, and i'm sick of
- 00:21:17.203 --> 00:21:19.004
- How the voting process is handled.
- 00:21:19.004 --> 00:21:20.906
- Among the many things that have gone wrong
- 00:21:20.906 --> 00:21:22.675
- Under the democratic leadership, if that's what it is
- 00:21:22.675 --> 00:21:25.644
- As a california citizen and resident,
- 00:21:25.644 --> 00:21:27.313
- What can we do to change this system
- 00:21:27.313 --> 00:21:28.948
- To make it more efficient and transparent?
- 00:21:28.948 --> 00:21:31.317
- I've lost hope for california, and i plan to join the exodus
- 00:21:31.317 --> 00:21:34.253
- As soon as i can.
- 00:21:34.253 --> 00:21:35.755
- Thank you pastor.
- 00:21:35.755 --> 00:21:37.423
- Well, i haven't lost hope for california,
- 00:21:37.423 --> 00:21:39.058
- The church in tennessee and the church in california.
- 00:21:39.058 --> 00:21:41.193
- Same church, same head of the church.
- 00:21:41.193 --> 00:21:43.996
- I'm praying for california for a change of heart,
- 00:21:43.996 --> 00:21:46.198
- For a change of leadership, for a change of values.
- 00:21:46.198 --> 00:21:49.668
- I look forward to seeing the name of jesus exalted
- 00:21:49.668 --> 00:21:52.638
- In the legislator, the legislature of california.
- 00:21:52.638 --> 00:21:55.941
- Join me in those prayers. god's up to that task.
- 00:21:55.941 --> 00:21:58.444
- I promise you god's moving in the earth.
- 00:21:58.444 --> 00:22:00.880
- Let's join him. god bless you and good night.
- 00:22:00.880 --> 00:22:00.880
