We have a great discussion with David Yager, Author, Writer, Energy Analyst, and really fun guy! We cover the Canadian oil patch history and current events impacting the Canadian industry. Davids’s book was written in 2019, and he had predicted many big items that have come to pass. We also have some fun on the way. The full transcript is below, and any errors we cannot claim responsibility for unless they make the interview more interesting.
You can watch and/or listen on the Energy News Beat App, Rumble, YouTube, Spotify, Apple Podcast.
David, thank you for stopping by, and look forward to your next book!
A miracle. Coal, oil, and natural gas, the carbon-based fossil fuels that powered the Industrial Revolution and civilization’s rapid advancement.
A menace. Climate change has how convinced many that carbon emissions are the world’s greatest challenge.
The necessity and benefits of decarbonizing the global industrial and energy complex are well articulated. What is not explained is this will require the largest financial disruption in history, affecting everyone and everything. Buy it on Amazon
Stu Turley [00:00:02] And. Welcome, everybody. Today is the energy market and we have a very, very special guest today. We have David Yagur. He is the author of Miracle, Miracle to Menace Alberta A Carbon Story. I mean, this was written, David, in 2019. And I really enjoyed talking to you about this book before, but getting ready for this, I read some of your epilog and I mean, you were dead on. Right. And let’s kind of turn this into some fun parts of this. Did you know you’re really this brilliant?
David Yager [00:00:47] I like you already. I like to go back to the book. I mean, I have been a writer for 40 years. And I follow the climate story since 1988 when I picked up a copy of The New York Times and there was James Hansen talking about global warming. And so I followed the story for a long time and then the assault on Elberta began. That’s why I say I’ll burn a carbon story, because, you know, Elberta without oil is Manitoba with mountains of Utah, Montana with the mountain. I mean, there’s nothing here, right? The only people for one reason, four-point four million people live in this desolate, remote part of North America is because of oil, gas and coal, enormous quantities of oil, gas, and coal. So so that’s why I say Alberta’s carbon story and miracle to myth because I spent most of my life dad worked in the oil patch. I worked in the oil patch thinking we were doing God’s work by supplying the world with more fossil fuels and then woke up one day. And the oil sands, which were an engineering miracle, were the number one menace on the planet. And what the heck happened here? You know, so I went so I started this book just to fully understand. I knew generally what I wanted to do. But I started researching how climate change crawled to the top of the agenda as the world’s biggest problem. I grew up during the Cuban missile crisis and mutually assured destruction and the Vietnam War and pollution. You know, the Great Lakes were polluted and acid rain and of course, smog in L.A. and poverty and unfairness and all these problems. But all of a sudden, now that mankind’s purpose is to change the weather, if we write the right legislation and elect the right people and think and say the right things, we can change the weather. So I spent a lot of time going down the path of how could it be that way? And I ended up writing books on human psychology, as I’d always follow the oil, like as a global product. Right. And there are seven-point eight billion people on this earth, although you would know love to read the news, six and a half billion of them do not live in all OECD countries. They do not have power on the wall. They do not have a gas station on the corner of airports and all the trappings of modern society that somehow just, you know, we got this idea that if we think, say, elect the right things and economically self-employed, we can change the chemical content of the global atmosphere and solve the problem. And everything I read, I just couldn’t believe it. I just know this stuff this dog won’t hunt as we like to say about it. And so that’s the conclusion. I wrote the book first and then tried to solve it. I tried to write the book as a reporter. Like I write, I wrote the book. 99 percent of the content of the book is in the voices of others. Right. Very few of them are oil guys there. They tend to be political history and they tend to be engineers and political scientists, deep thinkers. I read a lot of books by guys like, you know, one of my favorites was Steven Pinker and now was one of his books in the late Hans Rosling, wrote a great book called Factualness. And I wrote, you know, I revisited the book set from the 80s and anyway, so at the end I wrote it. I said, holy cow, this is pretty weird. But here’s what’s really going on. And I don’t know what they told you yesterday or what what what you believed when Joe Biden ran for office. But this isn’t going to work. And it’s all about, you know, that’s the process that led up to the words that we’re talking about here.
Stu Turley [00:04:25] You know, and I’m old enough, I’m about five minutes behind you and I remember the drills getting under your desks so that you can last another nanosecond. I do remember oh, by the way, you know, ready for those. But let me read this one piece out of your weblog because this really does bring home the fact that your book, From Miracle to Menace is truly in 2019. It’s very apropos today from your epilog. The hypocrisy comes from how few, if any, are willing to make any changes to their own lifestyles or energy consumption. Patterns, Allburn burdens and the province economy or sacrificial lambs on the altar of climate change mitigation. This is wrong and Alberta oil workers know it. The few are yelling out and it’s impacting the disproportionately impacted communities because they’re having to pay for a higher power. You’re sitting there and saying if everybody is screaming, you know, bad is the oil company, but they won’t quit driving, they won’t quit, you know, changing how they heat their house or cool their house. That was true then. And it’s even wilder now. What are your thoughts?
David Yager [00:05:47] Well, the particular issue I was talking about was pipeline blockages. So when I wrote Obama had killed Keystone the first time and then Biden called it the second time in B.C. on the West Coast, it was they were blocking the Trans Mountain pipeline, the volume off the Northern Gateway pipeline. We were trying to get the energy pipeline to the East Coast and oil sands were being vilified like all these famous people were, you know, the James Cameron and the Jane Fonda and Neil Young Canadian. They would charter a jet, go to the oil sands, you know, pose for some photo ops. Neil Young called it Hiroshima. Hop the private jet, go. All the figured they’d done some good, you know, but there was that, you know, the idea was, and I’ve said this many times, is that that that everybody’s the politics are always off or someone else has the problem. You know, Bill McKibben at three-fifty, Doug says, send me a check and we’ll sue Big Oil and you’ll be OK or we’ll sue Big Coal. You know, and this is the point. The point is, is the problem is you and me, it’s the problem is and so this is the point is no one seems everybody thinks. Well, what it’s all virtue segment. Right? What I’ll do is I’ll call, you know, I’ll say the right things, I’ll buy the right products.
But they haven’t really got their head around the ubiquitous nature of fossil fuels and the global aspects of the problem. That’s all it said. Politically, it seems to be that the climate is you know, the old talking about politics finds a parade and get in front of it. Right. And so so the good there’s enough votes in the climate file that the politicians will migrate that way. Right. But they’re only going to go so far because if you really do what has to be done, which probably two bucks a gallon tax, you want to change behavior, right? A gallon or ground airplanes. Well, wait a second. That won’t work either. So. So the point is and people keep thinking, well, I’m you know, Steven Pinker had when he wrote enlightenment now he said the biggest problem with virtue signaling is it tends to take your mind off the enormity of the problem. Yeah, yeah, yeah. I unplug my cell phone charger at night, you know, I recycle my garbage while I’m doing my part. What the heck? And if you look at global emissions and you see where they’re coming from. Well, the real problem, the real problem on a global basis is actually the fact that the Third World is playing catch up. And we say, how do you know?
The real problem is, is whether or not you drive a Tesla. The real problem is how do we get the six and a half billion people in the developing world, in Asia and Africa and South America and all the poorest parts of the world, how do we get them to not pursue the same cheap energy the right way for a century? That’s the problem. And nobody wants to talk about that. And I’ve been doing this for years in Canada. You know, I go on we have this something called the Canadian Broadcasting Corporation, and they all talk about just how awful are you in Alberta. And I said, well, we’re pretty well, we’re pretty rotten. You know, I just I’m sorry. Sorry. Fuel cost so much. You haven’t run out yet anyway. And but I always try to bring in China, the elephant, and the elephant in the room in India. Yep. And they just want to change the subject. And so it’s it is it’s too bad really. I’d like to. I would like to. And hopefully, you’re this event will help change the channel because we’re not if this is the problem you want to solve, until we get an agreed-upon set of facts, we’re going nowhere.
Stu Turley [00:09:22] You know, David, you’re very prolific in your writing and on your posts and LinkedIn, which I truly appreciate. So we’ll make sure your LinkedIn information is how to get ahold of you on LinkedIn. I just appreciate your thoughts and everything out there. And China really does not care about they’re going to be there. Coal is going to be increasing. India’s coal is going to be increasing. They’re importing more coking coal from Australia and they’re having a tough more going on in the US are actually exporting more coal now. So coal is kind of like this little hidden mini elephant I guess nobody wants to talk about anymore.
David Yager [00:10:11] The largest single on a national basis or a country basis. The largest single reduction by a country in history has been the United States. Yep. It has been replacing coal with natural gas for electricity. And that and renewables, which also run on electricity and the climate folks in the United States and Canada to a lesser degree, and this has been brought to your burner tap, if you will, by my extended reach, horizontal drilling, and hydraulic fracturing. We want to stop fracking. And if you really want to solve the problem, you would be you would you know, American LNG exports are growing. And with the same debate, we have in western Canada, we’re finally finishing our hopefully finishing our first big LNG export tough facility on the West Coast where we should really be doing is drilling the heck out of this place and selling all this gas to India and China and get maybe get Europe off Russia, you know, maybe, you know, maybe get them, you know, an alternative that supplies. That is the kind of thing that you would do to move the needle. And the argument that I’ve had is that why would we economically self-immolation in North America and Canada, which is what we’re trying to do when we have the technology and the energy expertise if there’s going to be a new, affordable, reliable energy source, it’s not going to come out of the research labs in rural India. I’m not picking on anybody. I’m just saying it’s more likely to come out of the wonderful Stanfords and the Mitty’s and the incredible brainpower that we have. You know, the energy, the guys that are most likely to produce low carbon energy are the people in the energy business the same people were trying to get rid of. And so. Yeah, yeah. So let’s replace it with interruptible electricity, unreliable, interruptible electricity with a carbon footprint that nobody wants to talk about. And so it just you just got to shake your head someday. So what I do, I’ll go back, go full circle. What I do on LinkedIn is if I see something smart and there’s lots of smart and a lot of people smarter than me, if there’s something written that’s up that that basically states the enormity of the problem, that’s all I want. I mean, if everybody wants to do it, I’m just saying how to do it right. What I see in Canada is what we’ve done in Canada with the young generation is terrified of them. I would like to engage them. I would like to say no. I would like the young people of Canada to understand the nature of the problem, understand they’re blessed with the education, the research tools, the income, and the, you know, the intellectual horsepower to actually tackle this problem. And I would you know, why don’t we save the world instead of saving yourself, that’s all. And so we’ve got a lot of work to do on this.
Stu Turley [00:13:17] Those are great points, David. In fact, on you mentioned the saying the oil sands up in Canada and I would dearly love to have the pipeline up there so that we could buy those. That oil out of the sands is a heavier mix and we need that for U.S. blending. But we also I saw a wonderful article and I can’t remember if you published it or out there or not, but you may have seen this. And that is they’re looking at carbon capture up in the stands and that grade.
David Yager [00:13:54] And the point is, is, is they these are if you’re going to actually capture carbon stored or crudities or something else or use that for another thing they want to do with Upshaw’s use it for enhanced oil recovery and possible flooding. And in order for the guys that are going to do that are actually the ones in the business, the people that deal with carbon every day. So the good news. So the question I ask the climate concerned is, is are we best to.
Are we best to accomplish this by cleaning out oil companies or have profitable oil companies with a mission? So, you know, the great thing about the oil spill, first of all, we’ve been under the gun here for five years. Pipeline delays and the differential. And, of course, Canadian oil has been we have all kinds of conspiracy theories that figure that you guys like this stuff at ten bucks are less in the world because you’re our number one customer. And cheap oil is is America’s been biased that way. But the idea has been being is these companies have to be carbon taxed and they have to you know, the ESG movement says, no, you can’t do that. Well, when the reality is, is that prosperous ENP companies with the right mandate, with the right, with the right political mandate, I think they relate to the party.
This is the one thing that I wrote in the book is the oil guys couldn’t figure out the love-hate relationship, which they have on their customers is if you know, the sales were great for. You know how those oil sales, we can sell a barrel, but they hate us, and I don’t believe there’s been a product in the history of civilization with this love-hate relationship where they call us names all day and the market goes up. If you were to give you, you know, the marketing department sales business. I said we’re pretty good, actually. They’re buying everything we could produce. So you can see the oil guys were confused for a decade. What the heck? You know, it’s OK. We got their attention. You know, they’ve shelled the beach, Bidens and everybody and all the oil producers have realized, OK, well, we would like us to be something different and life would be simpler if we were. So now we’ve got the oil and gas producers on both sides of the border engaged on, OK, solve this problem.
Right. Keep the lights on, keep the plastic produced and lower your emissions footprint. Now, this is beautiful because this is Texas what another conclusion in the Book of the Epilog, which was the best contribution Alberta could make is to be the home of low carbon fossil fuel technologies, which we should innovate. We should solve this. You know, the world is not going to quit using it. The producers and in the Middle East and Africa and Eastern Europe, that will have no part of this. You know, the other big dogs, if you will, the sovereign state oil companies and the sovereign wealth funds that these people have in Norway have no intention of ever quitting to bruise oil. So the point is, why wouldn’t we go to the people that need to do it better? And one of the biggest problems, one of you know, the unspoken problems as they look at oil is flaring is a huge problem all over the world. You know Canada is number five in oil and gas production on a bill on a barrel of oil equivalent basis number 22 in flaring. Wow. Wow. No, no, no. We’ve had this. You can’t fly our gas. I mean, that’s why the price collapsed here. We couldn’t do what happened.
Stu Turley [00:17:32] Is that because of regulations?
David Yager [00:17:34] That’s just plain wrong. Yeah. So we know actually we got take we had the Montney was a play in northwest Alberta, very like the Permian, you know, and it’s really but a lot of gas with a lot of liquids. And the point was, is because you couldn’t flare the gas, the gas. We were no-bid on gas for the last couple of years because they couldn’t get the pipeline takeaway capacity. So they fixed that. So we didn’t suffered because of this. Because we don’t if we’re not, we don’t see our gas. We get no credit. But go, go, go, go to Nigeria, go to Russia and look at the stats on how much goes up the stack. And the United States has fixed it. They’ve got the plumbing in the Permian. It’s got value again. Now, thank goodness you got around that one. And but these are the things that will really help the world, not, you know, not yet anyway.
Stu Turley [00:18:26] And I think it’s even funnier that people are getting ESG credits for building a server farm so they can mind Bitcoin if they’re on a flaring oil bet. Some things are just really funny.
David Yager [00:18:41] So, you know, I guess I guess it’s I guess there’s some advantage to not flaring it. But it would be nice if you’re generating electricity for Africa, if you’re replacing some other form of electricity or even storing it, providing backup to renewables.
Stu Turley [00:18:59] It would seem that way, an article this morning put out, I thought from I believe Gyung this morning, and it was pretty interesting because it was. The more green we go are, the greener we go, the more it’s going to give Russia and OPEC and OPEC plus as the big majors get taken out, so as they get taken out by the activists, it’s actually going to do more harm on the global economy and global impact to the climate because the state-owned oil agency companies don’t care, you know, everything from Saudi Aramco and all these others, they’re not going to have the same requirements that we just talked about with Alberta and the great regulations that they had forward-thinking. Those were painful regulations, but they were actually good regulations. Is that a fair statement?
David Yager [00:20:01] Oh, it is. It’s counterintuitive. All this is going to help anything. I had a look, I just published an article this week. If you want to look on LinkedIn and about the ESG movement, I would say yes. And one of the phenomenons that VSG was the growth in ESG came at the same time that the oil industry was in the dumpster. And so it all, you know, if you go back to 2014 and that was seven years ago now, but it was six years ago, you go back to how oil has performed and of course, gas. You know, if you go back to oil and gas, you know, WTI tagged one hundred and nine bucks or something in 2014 and gas was four or five bucks a BTU. And of course, then the shale revolution came along and oil prices collapsed. And so there were a lot of challenges.
As you know, it’s like a culvert. Right. And so so so the point was all these banks were saying, well, while we’re going to not loan you any money, well, they were all insolvent. Many of these companies were not creditworthy. So, you know, that’s hardly heroic today. And if you look at the indexes, like what I dug up was for Canada, the TSX. So I looked at several sectors and the oil and gas on the gas composite index compared to renewables and compared to the IT sector and the banks and the general market, it was just a tired biter by any measure. It was a dog. And so to say, well, we’re going to we’re going with we’re not going to back you at the same time that your cash flow was disappearing was hardly, hardly, hardly heroic. The question is an interesting thing. The article was Reistad just came out and they estimated that the publicly traded oil producers of the world this year, we’re going to have the highest cash flow of these prices help and they’re meeting today. Looks like they’re going to, at least for a while anyway.
Still some crazy options. They’re going to have the highest cash flow since 2008. And so my question is, is can this can you go to a shell that’s coyner that, you know, like after the Exxon Mobil thing was very interesting to me with engine one because. Oh, yeah, yeah. We want to grab the board. What do you wanna do? Well, actually, we want to preserve the dividend and maybe even increase it. If we stop capital expenditures. A Come on you guys, I thought this was the divestment movement. I thought I thought this, you know, I thought it was morally reprehensible to own this stock and not drain the company. And so I don’t think this is going to stand the test of time as the economy slows down, as quantitative easing corrects itself, as printing money is replaced by tax increases.
You know, I think the capital markets are going to go, where am I going to get yield? Where can I get dividends? And the resource sector is profitable. This is a great thing for oil. And gas is it’s a cash machine when the prices are high enough and I believe there are multiple masters that can be served as well. I don’t think capital markets are going to behave in the next two years the same way they have in the last two years. And so there’s no question and we’re seeing more about this thesis that if I get a hold, a Shell and BP and Exxon, Chevron and get all these boards can be something they’re not that I’m not virtue signaling and saving the world while the rest of it well, the rest of the world just produces more of that. This isn’t going to work.
Stu Turley [00:23:29] This article brings up some very good things. I actually had that article right here as well, and it was good reading. So I also had the link to that in the show notes here. Energy had a fifty-one percent change in performance this year and Capital Goods was only twenty point seventy-nine.
David Yager [00:23:51] The pretty sector of the sector on the board this year. You bet. On oil and gas. Yeah, yeah, yeah. Coal, oil, and gas. So you’re the fund manager and you know, you’ve got your, you know, very competitive business, as you know, money management. And yeah. And I say and you’re competing. You’re always competing. You’re only as good as your last quarter, your last reporting period. And I said, well, no, I’m not buying that stuff, you know, it’s got to do with it. It’s going out of the equities because of a double whammy, you know, and I spent quite a number of years on the financial capital raising money for my oil service company. And I have spent a lot of time with institutional investors, and I’ve never classified them as paragons of social altruism. I found them to be generally interested in making money. And so it’ll be interesting. As I say, it’s the time that the tables have turned here and now the same business we’re supposed to hate is turned profitable again. The all the producers are lean, mean fighting machines, including the oil sands. They really have done remarkable things out of necessity to learn how to live with very little global demand for the products is mono-directional. It continues to go up. And I believe governments have you know, they might have might be a little bit exhausted and just exactly how much money they can print.
Stu Turley [00:25:13] Let me ask your opinion on this, David, because, you know, the Yazji movement has forced the oil companies to change how they’re in fact, the new legislation is saying that they have to divulge how they’re handling all their ESG and all everything else. So with ESG investors taking a look at it, how do oil companies even provide the numbers when there’s no accountability or no standards on ESG? You got to figure
David Yager [00:25:43] there’s this huge measurement issue. There’s the concept that is way ahead of the data. Right. I’m actually involved in a new methane shutoff technology. My brother, my brother-in-law, it’s a family thing. My brother-in-law had an accident, so I had to go back in the oil to a business. So we have this new method of shutting off methane leaks on the outside of old gas wells. I’m not here to flog the stock. What I’m here to tell you is I am in the methane emission measurement game. Nice. And it is sorely lacking in data. Yes. You know, the pipeline flyby of the satellite images don’t stonecutter what is coming out of Wari. And so you’ve got fugitive emissions from your plants, your facilities, and your tanks. Where is it coming from and how do I shut it off cost-effectively. So so the first step and I’ve done seminars on these programs and other mediums about this, the first thing we should do is, is I believe you’re going to see the measurement side. The standardization side is really the low-hanging fruit is the producers got a little cash again. So let’s go measure go measuring what you’ve got. I mean, if I were a fire director of an Olympic company and I had you know, I’d bought into the corporate social responsibility that I had committed to reduce my emissions, the first thing I would if I was a board member, I would go to the CEO and the senior operations team, tell me what is coming from where, and give me a cost-benefit analysis on the low hanging fruit. The first thing I would demand you tell me what is leaking there, where it is doing right and where do I start? And so there is the process internally here. And the great thing about this, this measurement and quantification technology is if this continues, this is the technology you can sell to the world, right? Oh, yeah. Yeah, I know. I got you to know, I got twenty coal generating plants. Which one’s the dog. You know, which one. Know which one’s the worst, which one’s the highest emissions, and why. And this and this is and this is a technology and this is right by people in the business. Not bad. You know, you can’t stand on your soapbox and say it’s bad calls bad. They’re all bad. You know, what you have to do is you’re a big ENP operator. You’ve got oil pipelines and multiple facilities and the board is on a mission. And I’ve got a budget. I’m going to spend whatever percent of my cash flow. I want to know I want numbers. And that’s where we got to start on this whole thing is what’s coming out of there. And I’m in the methane shut off, Gabe. And then we all we know is directionally are the politicians have said, well, we’re going to cut methane emissions by X over and nobody knows how and nobody knows where it’s coming from.
Stu Turley [00:28:48] Well, we’ve got about five more minutes. And I mean, I got off on a tangent. Yeah. Oh, no, this I really enjoyed our time. And I just want to, again, stress how grateful I am for your leadership in what you post out there and your book. What we want to know is what’s coming around the corner for David. And are you writing another book?
David Yager [00:29:13] I had started on another book, and it was a sequel really to From Miracle to Menace, OK, the working title was Elberta What Now? OK, so we know the problem and you know, what do we do now. Right. But unfortunately, I get my brother-in-law is this little tool of that. And he did I did end up having to step in. He had a fairly severe accident. So I’m not I’m back in the game and so I haven’t. But my objective is luckily the general business climate for our new methane shutoff technology is pretty good as working in the field. We got some work coming up. We’ve run the tool, you know, all the easy stuff. And then so hopefully I could this is a whole pipe. We believe something that I can park somewhere like we’re not gonna do this. I want 67. I want to read another book, but I do want to go back down the path of the themes. I didn’t really touch the carbon footprint of renewables. Right. You know, for example, one of the things I mentioned in that everybody’s talking about a real asset, retirement obligations. Right. But it turns out now that the first generation of solar farms and wind turbines is reaching their life. As you know, the oil and gas producers have serious commitments on their balance sheets about their end of life, asset retirement obligations. It’s a big number. And what I’m discovering is the renewable guys are getting a hall pass on that. So I would like to explore that. I’d like to know a little bit more because we’re seeing more and more. We wind know well who’s paying for these things. Right? And so there’s great we all know about Orson Welles, the leaking wells and abandoned wells. This is a North America one problem, and there are lots of them. But when are we going to level the playing field and include the other sources of energy? I think we should go down to the carbon footprint, supply chain, you know, going go to the mining business, you know. OK, so I got to dig all this stuff up, dig it up where I saw an interesting tidbit in the paper the other day, environmentalists blocking America’s new lithium mine. Oh, come on, you guys. You know what you ought to do. And so there’s
Stu Turley [00:31:20] a point, your battery and your take on everything and all
David Yager [00:31:24] the politicians say, don’t worry about it. We’ll just print more money to pay for it. I so there’s I would like to continue down the path. And I gave up on politics. I was involved in active politics and I’m basically into educating the public. I don’t know whether it’s because I’ve I think that some of the issues we’ve talked about today are getting more attention as people are asked to pay for the gravy train. I do believe that. I do believe if you go back to 09 and UBA low-interest rates and quantitative easing, a lot of the energy transition has been heavily subsidized and it hasn’t really materially impacted. But I think what we’re seeing now in California, where the second I mean, you know, green is great, but no power is worse, right? Or taxed, as you know, green. The wind is good, but no electricity is awful. And so I think we’re starting to see I think there’s a day of reckoning coming. And I think and I’d like to get into that. And I also think the governments because of all the money that was spent on the pandemic. Right. I do believe that the flexibility of governments to disguise the cost of the energy, the true cost of the energy transition is limited. Now, I don’t believe that they’re going to be interesting. Yeah, I don’t
Stu Turley [00:32:41] believes that’s an interesting twist, David.
David Yager [00:32:43] Yeah, I don’t think people have thought this through. And when the voters start paying things, you’re going to change.
Stu Turley [00:32:48] Yeah, we just the EIA put out this week that California is like the highest cost per kilowatt per hour of any state in the U.S.
David Yager [00:32:59] They were moving to Texas, Jilt Texas, caught up with them, you know, bungled that, too. Now they’re rationing power in New York. Fortunately, there was a Supreme Court settlement that let them build that gas pipeline into New Jersey like it. It is. It is. You know, there’s still don’t forget my pal Gretchen in Michigan trying to cut off propane and oil from, you know, from one to Canada to the other.
Stu Turley [00:33:20] So we’re going to leave that part out of the hog. No, no. I’m kidding that she’s your friend.
David Yager [00:33:27] Well, that’s not true.
Stu Turley [00:33:31] Well, I’ll tell you what, David, thank you for being such a leader in your industry, and we do appreciate everything that you do. So thank you. And all your contact information and information on your book will be in the show notes. Thank you very much.
David Yager [00:33:44] Have a great day, everybody. Thank you.