Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Seven, twenty three, our time here in Houston's Morning News.
Speaking of oil man. This guy's been an oil man
his whole life. His family has been involved in oil.
How many generations, Jay Young, do you go back as
far as you're involvement in your family's involvement in oil
and gas?
Speaker 2 (00:15):
These are a great great grandfather, So there's there's four generations. Wow,
the oil process that have seen these prices go up
and down so crazy.
Speaker 1 (00:24):
I mean like a roller coaster in your lifetime, that's
for sure. Well, here we seem to be on the upswing. Jay,
by the way, is the CEO of King Operating Corporation.
We seem to be on an upswing. Obviously, there's a
concern about what potentially happens with the supply if we
have a conflict that shuts down some of the shipping
lanes in the Middle East.
Speaker 2 (00:44):
That's true, you know, and Iran is a big, big
producer OPAQ third third largest a producer, and OPAK and
any any disruption at all, it just it just puts
us into an end of where do we get our oil?
Where do we get our oil? You know, we don't
we produce team million barrels oil A day in the
United States, we need twenty twenty one million barrels today.
(01:05):
That demand's not going anywhere anytime soon, so therefore we've
got to have supply from other countries. We get a
majority of our oil from Canada, you know, but then
again there's OPAC and all the different you know, they're
they're gonna cut back, They're gonna have a they're gonna
have a meeting here in July seventh to figure you know,
what else is going on. So you know, there is
(01:29):
any disruption in anything with the world, it's it's not
good because oil and gas is all about supplying the man.
And if you can't get your hands on it and
other people, you know, can deliver it to you, they're
gonna get paid more for it. And that's that's kind
of the whole brunt of what goes on, because people
are gonna pay more at the pump. Unfortunately, we don't
(01:52):
see it going down anytime soon. I don't. I don't
think there's gonna be a lot of disruption, you know,
but if they're there's there's like two islands in the
in the the Persian Gulf over there, and they say that,
you know, if there's if there's even a hint of
a big explosion on one of those two islands, we
could see one hundred dollars oil, one hundred and twenty dollars.
(02:15):
I heard one hundred and thirty dollars oil yesterday, you know,
So it is one of the situations that you know,
we don't want to put ourselves in. But because you know,
like George Bush said years and years ago, two thousand
and six or something, is you know, we have this
this addiction to oil. We need this oil. We need
(02:35):
it and every day it's it's a part of our lives.
And we've got to travel, we've got to go back
and forth to work, and we need plastics and.
Speaker 1 (02:43):
Right all the all the products. Jal Get. Let me
ask you this. You know, because one of the things
the past administration did was they depleted the Strategic olid Reserve.
We have about half in the Strategic olid Reserve that
we used to have. We haven't done anything to obviously
now it's not the right time, but we haven't done
anything to replace it yet. Not that not that there's
(03:05):
enough oil on the Strategic Oil Reserved. It carries for
very long right.
Speaker 2 (03:09):
Right, yeah, if well, if we if we shut down.
Let's say all of our we need seven eight million
barrels a day from other countries and we can get
it from Canada, so I don't Yeah, the strategic reserve
would be great, you know if if we needed three
to four million barrels a day, but there's there's you know,
but if we needed one hundred percent of the all
(03:31):
coming down a strategic reserve, we only have like fifteen
to twenty days. But we're not going to shut down
every oil and gas well in the United States. So
we have thirteen million barrels a day there, you know,
Like I said, our our need you know, it's twenty
million a day, but we wouldn't shut down all our
United States stuff, so we I think we're okay there.
(03:51):
We hate to go to it because that strategic is
not for it's for war and things like this.
Speaker 1 (03:58):
Well, and that's the problem. That's the problem with the administrations.
They used to to try to artificially bring down the
price of oil, and that's how it got to pleaded
to be in with I have to believe that that for now, sir,
But always good to talk to you.
Speaker 2 (04:07):
Take care.
Speaker 1 (04:08):
Jay Young, CEO King Operating Corporation at seven, twenty seven,
Seven, twenty three, our time here in Houston's Morning News.
Speaking of oil man. This guy's been an oil man
his whole life. His family has been involved in oil.
How many generations, Jay Young, do you go back as
far as you're involvement in your family's involvement in oil
and gas?
Speaker 2 (00:15):
These are a great great grandfather, So there's there's four generations. Wow,
the oil process that have seen these prices go up
and down so crazy.
Speaker 1 (00:24):
I mean like a roller coaster in your lifetime, that's
for sure. Well, here we seem to be on the upswing. Jay,
by the way, is the CEO of King Operating Corporation.
We seem to be on an upswing. Obviously, there's a
concern about what potentially happens with the supply if we
have a conflict that shuts down some of the shipping
lanes in the Middle East.
Speaker 2 (00:44):
That's true, you know, and Iran is a big, big
producer OPAQ third third largest a producer, and OPAK and
any any disruption at all, it just it just puts
us into an end of where do we get our oil?
Where do we get our oil? You know, we don't
we produce team million barrels oil A day in the
United States, we need twenty twenty one million barrels today.
(01:05):
That demand's not going anywhere anytime soon, so therefore we've
got to have supply from other countries. We get a
majority of our oil from Canada, you know, but then
again there's OPAC and all the different you know, they're
they're gonna cut back, They're gonna have a they're gonna
have a meeting here in July seventh to figure you know,
what else is going on. So you know, there is
(01:29):
any disruption in anything with the world, it's it's not
good because oil and gas is all about supplying the man.
And if you can't get your hands on it and
other people, you know, can deliver it to you, they're
gonna get paid more for it. And that's that's kind
of the whole brunt of what goes on, because people
are gonna pay more at the pump. Unfortunately, we don't
(01:52):
see it going down anytime soon. I don't. I don't
think there's gonna be a lot of disruption, you know,
but if they're there's there's like two islands in the
in the the Persian Gulf over there, and they say that,
you know, if there's if there's even a hint of
a big explosion on one of those two islands, we
could see one hundred dollars oil, one hundred and twenty dollars.
(02:15):
I heard one hundred and thirty dollars oil yesterday, you know,
So it is one of the situations that you know,
we don't want to put ourselves in. But because you know,
like George Bush said years and years ago, two thousand
and six or something, is you know, we have this
this addiction to oil. We need this oil. We need
(02:35):
it and every day it's it's a part of our lives.
And we've got to travel, we've got to go back
and forth to work, and we need plastics and.
Speaker 1 (02:43):
Right all the all the products. Jal Get. Let me
ask you this. You know, because one of the things
the past administration did was they depleted the Strategic olid Reserve.
We have about half in the Strategic olid Reserve that
we used to have. We haven't done anything to obviously
now it's not the right time, but we haven't done
anything to replace it yet. Not that not that there's
(03:05):
enough oil on the Strategic Oil Reserved. It carries for
very long right.
Speaker 2 (03:09):
Right, yeah, if well, if we if we shut down.
Let's say all of our we need seven eight million
barrels a day from other countries and we can get
it from Canada, so I don't Yeah, the strategic reserve
would be great, you know if if we needed three
to four million barrels a day, but there's there's you know,
but if we needed one hundred percent of the all
(03:31):
coming down a strategic reserve, we only have like fifteen
to twenty days. But we're not going to shut down
every oil and gas well in the United States. So
we have thirteen million barrels a day there, you know,
Like I said, our our need you know, it's twenty
million a day, but we wouldn't shut down all our
United States stuff, so we I think we're okay there.
(03:51):
We hate to go to it because that strategic is
not for it's for war and things like this.
Speaker 1 (03:58):
Well, and that's the problem. That's the problem with the administrations.
They used to to try to artificially bring down the
price of oil, and that's how it got to pleaded
to be in with I have to believe that that for now, sir,
But always good to talk to you.
Speaker 2 (04:07):
Take care.
Speaker 1 (04:08):
Jay Young, CEO King Operating Corporation at seven, twenty seven,
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