Keystone XL pipeline was delayed by Obama, restarted by Trump, cancelled by Biden and restarted again by Trump. Offshore wind started under Biden was cancelled by Trump. Biden paused new LNG export. Trump has paused new onshore wind. Separately, people are mad about energy costs.

European soccer is the only industry in which organizations cheat by finding ways to lose more money than their competitors.

Happy Friday. On today's show: - @johnarnold (Arnold Ventures) - @viswacolluru (Enveda) - @jakeadler (Pilgrim Labs) - @adamkorsunsky (FreeBean) See you on the stream.

Here's the problem with energy export bans... Countries that import energy prioritize sources based on price, reliability and security. The lower price, the better, obviously. But importers don't just choose on price. Reliability is whether the system can meet peak needs. Energy demand fluctuates, sometimes significantly. Winter Storm Uri was an extreme event in the US. Countries place high value on creating a system of suppliers and built infrastructure that can flex to meet those events. Security is broader. It asks whether a country has dependable access to supplies at reasonable costs despite geopolitical, infrastructure, or economic turmoil. One way to reduce that vulnerability is to secure supplies through long-term agreements with allies, even if they are somewhat more expensive. After Russia invaded Ukraine, and also during tariff negotiations, the US raised its hand. We said: 'Buy from us. You can trust us to deliver the combination of affordability, reliability, and security that others can't.' And they did. Europe and East Asia increased their purchases. The US has become a trusted supplier of energy to many countries. At least it has been. Calls for a domestic ban on diesel exports in response to high prices threaten that. The US can't claim to offer reliable and secure supplies if we change the rules stop delivering supplies they rely on when markets become stressed. Will countries still buy our energy if we price it low? yes. But they won’t buy the same quantities or pay the same premiums for American products if that supply becomes effectively interruptible whenever domestic politics become uncomfortable. The US isn’t the lowest-cost producer. The American energy industry prospers by offering the combination of price, reliability, and security that importers value. That reputation took years to build. Even discussing whether we will honor it during periods of stress risks diminishing its value.

The National Debt Clock was installed in 1989, when the debt was $2.7 tln. Today it’s $40 tln. Numbers that large are incomprehensible. It'd be better to replace the clock with a running tally of members of Congress proposing bills that increase the deficit, and by how much.

“The transmission line … took 17 years to permit and build. America needs to be able to build faster than that. We need to be able to get to yes, or if it’s the wrong project, in the wrong place, to no a whole lot faster.. That’s why I have been working on permitting reform.”

If US wants to be considered a secure and trusted exporter of energy that allies can rely on then we can't arbitrarily change rules and disrupt flows bc of domestic politics. Long-term economic & geopolitical impacts are profound. Even public consideration undermines confidence.

2008 was an oil crisis. 2026 is a refining crisis. 2008 (peak) Oil = $147 Diesel = $4.76 retail Gasoline = $4.16 retail Today Oil = $95 Diesel = $6.53 retail Gasoline = $4.52 retail

Kudos to @GovSherrillNJ

after every sports team transaction I think to myself 'how can the buyer possibly make money on that' and then the next franchise trades 10% higher.