Greetings. Here is a quick overview of some things in the news. Wide Boundary Style.

Okay, this is not actually this week's news, but I only discovered it this week, as I have not been paying close attention.

But in late 2025, we made a new all-time high in crude oil production.

Yes, we've already been making new highs, including the natural gas liquids and other lower

BTEU, lower quality liquids that make plastic baggies and such and are now labeled as oil.

But Q4, 2025 marks a new all-time high in crude plus condensate category, which is truly oil.

In mid-2020, after oil's price plunge in my public presentations, I said that November

2018 would be the all-time high of crude and condensate with 90% confidence.

Well, I was wrong.

Some of the new highs and the extension was debt-fueled.

Some of it was productivity on drilling and finding oil from AI.

Some of it was OPEC policy opening the spigot. Some of it's a lag from the 2022 price

spike from the Russia-Ukraine war. But in total, new all-time highs in oil. Crude oil,

the engine of the carbon pulse has not peaked.

While we're on the topic, here is a recent graph of U.S. production.

And as I mentioned last week, the biophysical gauntlet is where prices that would benefit consumers are not high enough for oil producers to justify investment.

So we had a near-term peak late in last year, and now there's a decline, and oil is under $60 a barrel.

There are not any more significant shale resources in the United States after the Permian enters permanent decline.

So I suspect the next great migration will be to the Monteney Shales in Alberta.

And as a wide boundary but obvious comment, the last I checked, Alberta was not part of the United States.

Okay, a related thing in the energy news that I also didn't foresee is that electricity prices

would be increasing now much faster than gasoline, heating oil, diesel, and the like.

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