the pieces that was snuck into the most recent bill made it much more lucrative for oil companies

to produce outside of the United States. And it significantly reduced the taxation on their

outside of the U.S. production. So they're both getting sort of a free hand in the United States

and being incentivized to produce outside of the United States.

And that is something that they wanted. And we're seeing them even more than in the past,

looking all around the world, signing contracts all around the world to produce all over the world.

And this administration has been very, very good for them.

Hello, and welcome to Wise This Happening with me, your host, Chris Hayes.

Well, I'm speaking to you as the world is teetering on the precipice of what could be the

single biggest oil shock that the world has ever

faced. And I have to condition that, as I always do when I talk about current events, because

there's a lag between when I'm recording and when this will hit your ears. And Lord knows what

will happen in the interim. Every time that we've discussed the Iran war on this podcast,

just in the last, it's been going on now for a month. I'm speaking to you on the last day of March. I always have to caveat it with maybe Donald Trump declares victory or he announces that there's a new Ayatollah that he loves, that it's his best friend and now the U.S. and Iran have entered into a beautiful bilateral friendship or the war has

escalated tremendously. There are U.S. ground troops who have invaded the country as you're speaking,

or it has spiraled out into other regional powers. I don't know. So what we know right now is that

people that know the energy and oil industry are basically screaming

at the top of their lungs, that we are headed towards something that really could be like

the worst supply shock we've ever seen for oil in the world, something that even surpasses

the infamous oil embargoes and shocks of the late 1970s, which are kind of iconic, embedded in

people's memories, had huge transformational effects in a bunch of different directions,

not the least of which was American domestic politics. And this is happening also at this

...