Jack McClendon

So you had the Liberation Day tariffs where prices kind of cratered from 70 to 57, and then we've kind of bumped around the 50s or 60s.

But even decisions that got made in April and May of 2025, you didn't really start to see the rig and supply response for four to six months later.

And that's largely kind of the turnaround time here.

And so, as I said, I think

I think you would need to see higher for longer prices for the next couple of months for us to see a meaningful supply response.

But I mean, and this is kind of the consensus view of, you know, most of the sell side oil research analysts that I follow as well, too.

But, you know, as I said, never underestimate the ingenuity of the American oil man.

Yeah.

You know, I mean, I think it certainly helped, but for sure, I mean, price is a exponentially higher dictator, you know, of whether or not somebody kind of chooses to drill.

Yeah.

I mean, as I would say, you know, there's, there's the old saying in the oil patch that, uh,

Democrats are actually very good for the oil and gas industry, but they're anti-industry.

And the Republicans are very pro-industry, but they're actually very bad for the industry.

And that's largely a function of some of those regulations.

So I'm not going to say that they don't play an impact.

I mean, there certainly is an impact.

And to the extent that the

the Biden administration or some of the other Democratic administrations have been more punitive to the industry, that does effectuate a supply response that is largely beneficial to the industry.

But I would tell you, I think for the most part, those regulations matter, but they don't matter nearly as much as what the price of the commodity is and then the cost of the inputs is.

I mean, that's ultimately, as I said, that's an exponentially more