YouSaid · the spoken record

Morgan Downey

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56
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2015-07-19
most recent
2015-07-19
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1
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podcast

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  1. “Fell was 2009 because you had a spike in prices and the credit crisis and all that kind of stuff. But just that single year, every other year in the 155, 156 years of the oil industry, consumption has gone up. And you mentioned renewables. And the underlying thing about oil is...”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “I'd be slightly shocked if we will be consuming the similar amount of oil as today, merely because there's a supply side issue. But there's, so it's not going to be because people are demanding less oil. And oil, as you mentioned, the oil industry started in 1859. So it's actually kind of a relatively new industry. Your kind of great-grandparents were there at the beginning of this industry. And since 1859, oil demand, so consumption of oil, has only fallen three times. And so it's grown every year throughout World War I, World War II, every year steadily. And the three periods where it fell were 1973, and it only fell for that one year, just that single year of 1973. In other words, there was no growth in consumption. Then the early 1980s, you had 1981, 82, 83, you had a falloff in consumption. And the only ever time oil demand”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Yeah, yeah, just 2005, 2006, when the prior 25 years, we had $15 oil to $20 oil for such a long period of time. And then within a year, we went from 20 to almost $150. So that was kind of the impetus.”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “movement that kind of started then and so there was kind of a demand for information and information in a simple straightforward fashion and I kind of wrote that book I wish someone else had written”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “That kind of explained the underlying fundamentals of the oil industry, you had back in 2004, 2005, when I kind of started putting this book together, you had a huge move in oil prices and kind of the common media reaction at the time and the kind of man on the street reaction was that it was all speculators and it was a whole bunch of kind of bogeymen. People were just grasping for straws. And one of the reasons was that there was nothing out there that kind of explained here's how the price of oil is set at your local gas station or petrol station here outside the US. And I kind of, it frustrated me when particularly people would blame speculators or just random events rather than looking at it from a fundamental basis. We had a supply crisis and no one was actually talking about the supply crisis that we were in. And it was kind of a movement that was a whole movement called the Peak.”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “So it was actually kind of interesting. I wrote the book I Wish Someone Else had written. I was kind of in a similar situation to you guys. I originally I started out as an oil trader many, many years ago and as a commodity trader primarily oil. I read everything I could get my hands on in terms of oil markets, the engineering, the whole process of exploration, production, whatnot. And there was very, very little that was well written, first of all. A lot of it was kind of, they were usually highly technical pieces that were written for a pipeline welder in Alaska, operating in cold environments. So you had very highly specific technical tests, but you had nothing that explained why the hell do oil prices move from $20 to $150 and then back down to $40. And not only was there nothing out there.”

    2015-07-19 · We Study Billionaires · TIP 044 : Oil 101 - w/ Morgan Downey (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT