 it's mostly just the one month futures contract, the front month futures contract. Everything else for now looks okay. And the USO. That's the main warning for your listeners. Stay away from the US oil ETF, the USO. It may blow up. There's a lot of problems with it. It may go to zero. Well, I could go into detail about some of the problems. There's extensive your Patreon, so I don't know your Patreon. I don't know if you've read a couple of the articles. There's two articles on the USO in detail behind the paywall there with the problems. The tax problems with it and problems with the underlying assets that the USO owns. They own a weird mix of futures contracts and other derivatives in there. And sometimes the USO, even if the oil price is going up, the USO either won't go up that much, nowhere near the amount the oil prices futures contract is going up, or the USO sometimes can even with the tracking error, it can go down. Why don't we rewind so people get like a recap. How do we get here? It started with the shale oil boom. That created an enormous amount of supply. I think it started in 2008, 2009, because the US realized that they were importing too much oil and they needed to protect the dollar with more oil production. They subsidized a bunch of shale oil. That was uneconomic, figuring that the cost may come down. They got pension fund suckers to invest in the junk bond debt and the oil equities. Then the Saudis and OPEC and Russia refused to cut production. This was 2013. They refused to cut production. There was speeches from the Saudi oil minister that they were going to let the oil price go down because they figured the oil price of $65 a barrel. The Saudi oil minister at the time, when I was an oil analyst for my day job, we were going through the speeches from the Saudi oil minister. He was talking about $65 a barrel was what they thought were the production costs for shale oil and that if they didn't cut production and they let oil go from 100 down to 65 or lower, they would bankrupt all the shale oil companies. That's not exactly what happened. There was some bankruptcies, but it wasn't wide scale because so much capital. The Wall Street banks were still funneling massive amounts of capital and pension funds were still putting in a lot of capital. The private equity guys were doing all those deals and then dumping the deals they did after they took big fees and commissions onto the pension funds. The capital available from pension funds, and there's many trillions of dollars from pension funds, but pension funds are always the suckers at the table. They're always grossly mismanaged. There's very few good investments that a lot of these pension funds make. They're normally the bad holders. The pension funds got stuck holding a lot of the bad real estate investments during the 2008 financial crisis. They got stuck with a lot of the shale oil problems for income. They were holding leveraged loans and collateralized loan obligations. They always get stuck. Mortgage back securities, they always get stuck with the worst stuff. What do you think that's going to happen in the future with the oil markets? With the oil markets, well, right now the main problem is the demand is still collapsing. Chinese oil demand is falling like a rock. There's a lot of evidence that there's a second wave all over China. Indian oil demand, India is still on lockdown as far as we know right now until the first week of May. I've seen research out there that 70% at least opts. Demand is still a falling knife. The main problem is demand. Now you have all these hedge fund guys that are doing this contango trade where they take delivery of the oil from oil futures contracts because they're not using margin. They're not buying a futures contract on margin and then not taking delivery. They're taking delivery of the oil. They were doing this anyway. Now the front month, what just happened today was the delivery stopped because people realized, oh shit, we're running out of storage space. There's only so many tankers, that oil tankers that you can lease out and the lease rates for the tankers have doubled. It's a problem where all the onshore storage is running out. President Trump, I think, just announced another 75 million barrels are going into the strategic patrolling reserve, but that's not empty. The strategic patrolling reserve, unless they build another one, is almost full too. They're almost all the onshore storage like in Cushing and many other places. Normally oil refiners, not sure how familiar you are with this, but normally oil refiners, like your Valeros and then ExxonMobil and BP and Chevron all have oil refinery businesses because they're diversified oil companies. They explore and produce oil and gas, and they also have oil refining businesses too to make gasoline, but they have storage at onsite at the oil refinery and they're tapped out too. They don't have any storage there either. They're full. Everywhere is full. The Saudis are sending 12 super tankers here to the US. They're running out of storage. The only way to curb this problem is demand then. Well, higher price would save some of the oil producers, but I don't see that happening, but yes, demand has to return, but there's no normal economic activity right now. We're nowhere near. We're nowhere near. And yet, so this super contango trade, the long side, the only long investments right now in oil that are making a lot of money for traders are the oil tanker stocks and the people doing the oil contango trade. So the oil tanker stocks, the amount of leasing fees that they've been able to charge to store the oil has doubled in just the last month or two. Yeah. I just had Chris on. We're just talking about that. He's like, yeah, the oil tankers are like literally what you said, double the cost now. Chris, who? McIntosh. Okay. Yeah. The problem with these companies, and I don't know if Chris would agree with this, but these are just trades to me. So for six months, 12 months, 18 months, if you look at the financial statements of these oil tanker companies, they're really, really bad businesses. So you can tell with the financial statements, if it's a trend that they're not profitable in any market condition, they can barely pay their capex bills or can't pay it at all, they have negative cash flow or not even break even that these are just horribly run businesses. So even if the assets of the oil tanker assets are selling at Chris and his friend, Kupi, have been writing the oil tanker articles are like 50% of net asset value for some of these oil tanker companies. So yes, the assets are on big, big discount, but it's all about for a sustainable long-term business is all about cash flows, not about discounted assets. So it's about being able to afford your, especially in a capital intensive business like oil tankers, you have to be able to afford your capex bills because those tankers are really expensive capital intensive to maintain and upgrade. It's not a cheap business and the margins are not, it's not a good margin business. So it's a nice trade. He picked out a really, really good trade. I suspect what will happen is the management teams will squander all these extra profits. So they'll have a couple of good quarters, maybe six months or three quarters or a year of good profits from these higher lease rates. And then the management teams will go back to wasting all the capital that all the profits and cash flows, free cash flow that came in because given the track record, a lot of these not very good. Now, maybe this time is different, but some of these oil tanker companies have not been profitable in four years. Yeah. And also the fact that you and I spoke about this before, like Trump and other governments too are literally paying oil manufacturers not to drill. Well, he was just discussing that. He hasn't officially done that yet. So it's still on the table. I don't think he's officially, it was just being discussed yet. He hasn't paid anyone yet. And do you think, do you think that's actually a probability that might happen? We're in never before seen territory. So they're thrown out the rule book. If the dollar hasn't collapsed, they're willing to do almost anything to buy assets or bailouts or rules changes. Yeah. They're willing to, I said at some point, we may see trillion dollar day asset purchase programs where they actually announce it. So if the dollar index rallies too much, they're going to try to knock it back down. They're going to come out with press release or we're going to buy, we're going to bail out shale companies. We're going to do some type of infrastructure program. They'll do almost anything to prevent that dollar shortage rally from going to the levels that Brent Johnson said. They're well aware of the dollar shortage problem. Now at this point, otherwise they wouldn't have done the global repo where countries can post their treasuries as collateral and those two press releases for the currency swap lines because there's governments in there, there's emerging market countries in there that were included that have real clear problems with dollar shortages. Jason, thank you for sharing your information on oil. I know you run the Patreon. I mentioned before, how can people get ahold of you guys? Listen, go check out the Jason's Patreon. It's fucking five bucks a month and it's like the information that you get is ridiculous. So what's the best link for them to check it out? Just go to my YouTube channel first, Wall Street for Main Street, WLLST, F-O-R-M-A-I-N-S-T and the link to the Patreon is below every single video. So it's patreon.com, front slash, and then my company named WLLST, F-O-R-M-A-I-N-S-T. Jason, it was a pleasure brother. No problem.