Doomberg stops by the Energy Impacts and Energy News Beat podcasts to talk about the Global Oil and Gas Markets Update. Hosted by David Blackmon and Stu Turley, they have a rich history of having way too much fun talking about the energy, oil, and gas markets.

1. Geopolitical Tensions & Iran-US Conflict

The transcript extensively covers the tensions in the Strait of Hormuz and the broader Iran-US conflict, examining how these tensions could disrupt global oil and gas supplies and reshape international relations.

2. Global Energy Markets & Supply Disruption

A significant focus is placed on the potential impact of the conflict on energy markets, including:

Risk of oil and gas supply disruptions

Potential market fragmentation and regional energy markets

Development of alternative energy infrastructure to bypass the Strait of Hormuz

3. International Power Dynamics

The discussion explores the growing influence of China and Russia in the Middle East, their support for Iran, and how the conflict could shift global geopolitical power structures.

4. Media, Propaganda & Information

The transcript addresses challenges in reporting on the conflict, including:

The role of media narratives and propaganda

Difficulty in separating fact from misinformation

How information shapes public understanding

5. Energy Transition & Infrastructure

Commentary on how the crisis might affect the transition to renewable energy, with perspectives that the conflict could actually accelerate investment in traditional energy infrastructure rather than renewables.

6. Policy & Strategic Decision-Making

Analysis of strategies and decisions by key players, including the US government, Trump administration, and energy industry figures.

Some Key Points from Doomberg

“ Trump was convinced that a decapitation strike in Iran would go the same way that Venezuela did and probably wanted to do it ahead of the meeting with Xi Jinping, which of course now seems to be being delayed. “

Doomberg, Substack Author

“ It only takes a drone every three days, and the threat that a drone could come any moment to keep the straight clothes. “

Doomberg, Substack Author

“ Because Iran has said, and I think we should begin to take them at their word because everything they’ve done since the war started is what they said they would do before the war, Iran has that the destruction of Iranian oil facilities will lead to the destruction of Saudi, Qatari, you know. Oil facilities, the oil facilities in Bahrain and the UAE. “

Doomberg, Substack Author

We hit on California and the huge problems there:

Black gold gushes into California as offshore bill kicks into gear following Trump executive order – But what good will it do?

Oil is flowing again off the Santa Barbara coast for the first time in over a decade. On Monday, Sable Offshore Corp. restarted the Santa Ynez Pipeline System, sending “black gold” from its Dos Cuadras Field platforms through the onshore network that ends at Pentland Station in Kern County. The move follows President Donald Trump’s executive order last Friday, invoking the Defense Production Act (DPA) for national security reasons — a direct override of California state blocks that had kept the system idle since the 2015 Refugio oil spill.

Sable has 540,000 barrels of processed crude already in storage and plans to begin sales by April 1 at roughly 50,000 barrels per day. Full production across its three offshore platforms is expected by June, delivering what Sable Chairman and CEO Jim Flores called a roughly 17% boost in domestic crude supply for California consumers. “We look forward to working closely with the Department of Energy … to deliver the energy necessary for the security and defense of the country,” Flores said.

Gavin Newsom’s administration immediately threw up roadblocks.
Governor Newsom labeled the federal order “illegal,” claiming the pipeline’s operators face criminal charges and are barred by multiple court orders. He vowed to fight in court, while environmental groups like the Center for Biological Diversity warned of another “oil disaster.” State Attorney General Rob Bonta and the California State Fire Marshal have already sued the Trump administration over federal preemption of state oversight. Santa Barbara County prosecutors have filed criminal charges against Sable for alleged water-protection violations.

Here are the latest import realities (2025 data through Q1-Q2, per California Energy Commission, EIA, and Kpler tracking):
• Gasoline (including blending components): West Coast imports (primarily California) averaged a record 119,000 barrels per day year-to-date 2025 — up 36% year-over-year and the highest since at least 2004. Total imports for the first quarter alone hit 10.6 million barrels. Major sources: Bahamas (≈40% of ship-borne volumes), India, South Korea, and rerouted Gulf Coast barrels. These imports now fill the gap left by the shrinking of in-state refining.

• Diesel (distillate fuel oil): Foreign imports average 20,000–25,000 bpd, representing roughly 20% of California’s total diesel supply. Primary origins: India and South Korea. Ironically, California often remains a net diesel exporter (9.3 million barrels exported in Q1 2025 alone), but that balance is fragile as refinery capacity erodes.

• Jet fuel (kerosene-type): California is the nation’s largest jet-fuel consumer. Roughly 20% of supply is now imported, primarily from India and other Asian refiners (South Korea). Imports have surged alongside refinery closures, with total petroleum product imports hitting a four-year high of 279,000 bpd in May 2025 — 70% from Asia.

These foreign barrels take weeks to arrive by tanker, cost more, and are vulnerable to global disruptions — exactly what national-security experts warned about. Chevron’s upstream president recently highlighted the risk to “more than 30 military defense installations” in California and the Pacific theater if domestic refining vanishes. Military readiness, commercial aviation, and emergency response all depend on a reliable West Coast fuel supply that imported cargoes simply cannot guarantee during a crisis.

Trump’s DPA action on Sable proves Washington can cut through Sacramento’s red tape when national security is on the line. The same urgency must now be applied to the downstream sector. Federal preemption or emergency permitting relief for remaining California refineries is not optional — it is essential. Without it, the “black gold” flowing from federal waters today will simply sit in storage or be shipped elsewhere while Californians pay record prices at the pump and the Pentagon worries about fuel for Pacific operations.

You will want to watch the episdoe with Mike Ariza.

Thank you to all of our great Subscribers, patrons and sponsors. We would be nowhere without you all!

Tommorow we will have the interview with John Calce on the new refinery in Texas. What a difference between Texas and California.

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At The Intersection of Energy and Finance – By Sandstone Asset Management

By Stu Turley

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There is no ‘Energy Transition’ taking place. Instead, what is taking place is the most massive addition of energy in all its forms in the history of mankind. Learn all about this energy addition and the public policies that drive it here.