Doug Burgum

The entire shale revolution has occurred through innovation, and that innovation is going to continue.

And with AI applied to that, it's going to get even better.

So I see the leading companies are getting their costs down, even as demand is going up.

Well, I think, again, I'd have to take a look at the numbers.

When we talk about drilling activity, in my home state of North Dakota, we had a number of wells.

The well count was going down, but the miles of lateral productive rock could be going up.

And so, you know, analysts have got to make sure that they're actually keeping up with how fast this industry is changing because we've got, again, record production occurring right now, and we expect to see records through 2026.

Well, again, the key is its supply and its infrastructure.

We have places in the U.S.

right now where, again, there's not one price for gas in America, as you know.

I mean, even though we've got the markets and we've got Henry Hub, but we've got widely ranging prices.

I mean, even in the difference of price in Pennsylvania versus in New England, because of the lack of natural gas pipelines that have been blocked into places like New England.

And when we think about

When you think about markets, you're talking about AI and the capital spend going against AI, an AI factory where we're actually creating and manufacturing intelligence.

Those plants are going to go to the places where states have low electricity prices and policies are setting price, not just markets.

And we've got policies in blue states around our country.

California, you mentioned California, 63% of California's oil is being imported to

from foreign countries because of blocking of pipelines coming into that state.

They have a record number of internal combustion cars in California.

They have more internal combustion cars than any other state has cars.