Josh Young Says Oil’s Rise Could Lead to "Massive" Currency Debasement

Bitcoin Magazine published a summary of a show featuring Josh Young, founder and CEO of Bison Interests, who argued that global oil inventories are being depleted faster than many people realize. Young said that less than 10% of global stockpiles may be usable and that the market has little room left for another supply shock. He also said WTI crude has a fair value near $105 a barrel and argued that even an Iran peace deal may not deliver lasting relief. The program’s chapter outline shows a wide range of topics tied to energy markets and macro policy. These include Saudi Aramco’s warning that rebuilding oil stockpiles could take two years, the time needed to restore damaged Middle East energy infrastructure, traffic through the Strait of Hormuz, wartime propaganda, and the role of refined products. The show also covered diesel at $200 a barrel, the roles of Russia and China in the diesel squeeze, why a US diesel export ban is seen as very unlikely, and Young’s view that small-cap oil producers are undervalued. The later part of the episode turned to the Federal Reserve, rate hikes, Milton Friedman, Kevin Warsh, government inertia, and the prospect of what Young called “massive” currency debasement. Bitcoin Magazine noted that the views in the show were those of the participants, not necessarily those of BTC Inc. or affiliated entities. The post was written by Patrick Green.