1
00:00:01,480 --> 00:00:05,440
Speaker 1: Right now, we are looking at imminent landfall of this

2
00:00:05,600 --> 00:00:09,600
Speaker 1: storm brands of one hundred and fifty miles per hour.

3
00:00:10,280 --> 00:00:13,280
Speaker 1: We expect landfall in the next couple of hours and

4
00:00:13,320 --> 00:00:15,720
Speaker 1: they will be at one hundred and fifty five miles

5
00:00:15,720 --> 00:00:19,880
Speaker 1: per hour. Storm surges upwards of fifteen to sixteen feet

6
00:00:20,079 --> 00:00:23,759
Speaker 1: twenty inches of rain or more. All right, big wind,

7
00:00:24,440 --> 00:00:27,280
Speaker 1: big water coming in I seawater, Come on, this is

8
00:00:27,280 --> 00:00:30,440
Speaker 1: what I lock. I'm watching the water like the notice

9
00:00:30,480 --> 00:00:33,160
Speaker 1: that the mod on the corner, but also going down

10
00:00:33,159 --> 00:00:40,560
Speaker 1: the break. Suddenly that monster Burricine Ida Roaring Ashore, packing

11
00:00:40,680 --> 00:00:43,360
Speaker 1: violent winds up to one hundred fifty miles per hour,

12
00:00:43,720 --> 00:00:47,560
Speaker 1: bringing pedastrophic storm surge up to eight feet. Bruce Messing,

13
00:00:47,680 --> 00:00:51,000
Speaker 1: whole camps torn down, and we're out of fresh water.

14
00:00:51,280 --> 00:00:54,480
Speaker 1: Oh that proof is coming. Holy right behind me, the

15
00:00:54,520 --> 00:00:57,520
Speaker 1: whipping winds of Hurricane Idahs and out Street, the site

16
00:00:57,600 --> 00:01:01,120
Speaker 1: of usually the Martigot Parade. You'd have dances lining these streets,

17
00:01:01,120 --> 00:01:04,920
Speaker 1: but now lime streets with boarded up buildings and floodgates,

18
00:01:04,920 --> 00:01:07,679
Speaker 1: not because they think the levees would hold, but because

19
00:01:07,680 --> 00:01:17,240
Speaker 1: of the flash flood breath. On this episode of News

20
00:01:17,319 --> 00:01:21,880
Speaker 1: World around noon on Sunday, August twenty ninth, Hurricane Ita

21
00:01:21,959 --> 00:01:26,840
Speaker 1: made landfall at Port for Sean, Louisiana as an extremely

22
00:01:26,920 --> 00:01:30,800
Speaker 1: dangerous Category four storm with one hundred and forty five

23
00:01:30,840 --> 00:01:34,959
Speaker 1: mile par winds. The National Hurricane Center worn throughout the

24
00:01:35,000 --> 00:01:39,440
Speaker 1: day about catastrophic storm surge, a stream winds, and flash

25
00:01:39,480 --> 00:01:43,840
Speaker 1: flooding in southeastern Louisiana. The hurricane pushed a wall of

26
00:01:43,880 --> 00:01:47,800
Speaker 1: water onto the coast of Louisiana and Mississippi. There were

27
00:01:47,800 --> 00:01:51,800
Speaker 1: reports of surges from three to nine feet. Port for

28
00:01:51,920 --> 00:01:54,960
Speaker 1: Shan is a major commercial and industrial hub for the

29
00:01:55,040 --> 00:01:58,680
Speaker 1: United States, particularly for oil and gas. The impact IDA

30
00:01:58,720 --> 00:02:00,800
Speaker 1: will have an oil and gas in it, and the

31
00:02:00,880 --> 00:02:05,040
Speaker 1: increase in gas prices is being evaluated now. But the

32
00:02:05,080 --> 00:02:08,400
Speaker 1: industry has been hit by a hurricane before, sixteen years

33
00:02:08,400 --> 00:02:11,760
Speaker 1: ago to the day by Hurricane Katrina, and they know

34
00:02:11,840 --> 00:02:14,840
Speaker 1: how devastating it was to oil and gas production in

35
00:02:14,880 --> 00:02:17,720
Speaker 1: two thousand and five. Here to help us make sense

36
00:02:18,120 --> 00:02:20,839
Speaker 1: of what to expect with AIDA's impact to the oil

37
00:02:20,880 --> 00:02:24,080
Speaker 1: and gas industry. I'm very pleased to welcome my guest,

38
00:02:24,639 --> 00:02:29,240
Speaker 1: Dan Eberhart, who is the CEO of Canary LLC, one

39
00:02:29,240 --> 00:02:40,880
Speaker 1: of the largest privately owned oil services in the country. Dan,

40
00:02:41,080 --> 00:02:44,600
Speaker 1: thank you for joining me today, Thank you for having

41
00:02:44,600 --> 00:02:47,040
Speaker 1: me speaker, and would you just for a minute or

42
00:02:47,040 --> 00:02:51,200
Speaker 1: two describe what Canary does. Sure. So, we're an oil

43
00:02:51,240 --> 00:02:53,480
Speaker 1: filed service company, so we're the guys that help the

44
00:02:53,560 --> 00:02:56,760
Speaker 1: you own gas company. So you know, larger companies that

45
00:02:56,840 --> 00:02:58,920
Speaker 1: do what we do would be Halibert and slumberghe but

46
00:02:58,960 --> 00:03:02,960
Speaker 1: we're basically like a subcontractor for the oil and gas companies.

47
00:03:03,680 --> 00:03:07,600
Speaker 1: You have a direct focus then on the equipment and

48
00:03:07,760 --> 00:03:10,720
Speaker 1: what's happening on the platforms and what's happening on the

49
00:03:10,800 --> 00:03:15,040
Speaker 1: various aspects. Do you cover all the different aspects of

50
00:03:15,120 --> 00:03:18,240
Speaker 1: oil and gas technology? I wouldn't say all of them,

51
00:03:18,240 --> 00:03:19,760
Speaker 1: but an awful out of them, and we definitely have

52
00:03:19,800 --> 00:03:23,120
Speaker 1: an understanding of nearly all of them. And your interest

53
00:03:23,240 --> 00:03:25,799
Speaker 1: range all over the place. I notice that you're based

54
00:03:25,800 --> 00:03:31,200
Speaker 1: in Denver, but that you actually started originally in Oklahoma City,

55
00:03:31,560 --> 00:03:34,560
Speaker 1: and you've been a member of the North Dakota Petroleum

56
00:03:34,600 --> 00:03:38,560
Speaker 1: Council in the Colorado Oil and Gas Association, so it's

57
00:03:38,600 --> 00:03:42,760
Speaker 1: a pretty widespread company. We're divers across the United States

58
00:03:42,760 --> 00:03:45,160
Speaker 1: and the Gulf of Mexico and done some international work

59
00:03:45,200 --> 00:03:47,840
Speaker 1: as well. You're actually, in addition to being a CEO,

60
00:03:48,200 --> 00:03:52,280
Speaker 1: you're the author of the Switch American Global Energy Renaissance

61
00:03:52,720 --> 00:03:55,920
Speaker 1: back in twenty seventeen, where you explored what would happen

62
00:03:55,960 --> 00:04:00,600
Speaker 1: if the US became energy self sufficient and under Asident Trump,

63
00:04:00,600 --> 00:04:03,960
Speaker 1: America was energy independent for the first time in sixty

64
00:04:04,000 --> 00:04:07,760
Speaker 1: two years. And I noticed that you've criticized the Biden

65
00:04:07,720 --> 00:04:11,400
Speaker 1: administration on the recent increased gas prices in the current

66
00:04:11,480 --> 00:04:16,240
Speaker 1: energy crisis, both in some Forbes op eds. But tell

67
00:04:16,320 --> 00:04:20,839
Speaker 1: us a little bit about Hurricane Ida and what's happened

68
00:04:20,880 --> 00:04:25,240
Speaker 1: in the Louisiana area, both in terms of people and

69
00:04:25,320 --> 00:04:28,920
Speaker 1: in terms of the oil and gas industry. Sure. So,

70
00:04:29,120 --> 00:04:31,960
Speaker 1: first I'll say that I was personally involved in Hurricane Katrina,

71
00:04:32,000 --> 00:04:34,240
Speaker 1: and it took my house and changed my life. So

72
00:04:34,680 --> 00:04:37,760
Speaker 1: I take these hurricanes very seriously. But two aspects of

73
00:04:37,839 --> 00:04:40,400
Speaker 1: oil and gas that are involved are going to change

74
00:04:40,520 --> 00:04:43,280
Speaker 1: as a result of Hurricane Ida. One is the offshore

75
00:04:43,320 --> 00:04:47,320
Speaker 1: production and the consequences and effects of that. The second

76
00:04:47,600 --> 00:04:50,479
Speaker 1: is the refinery complex and the Gulf coast and what's

77
00:04:50,480 --> 00:04:54,120
Speaker 1: happened because of Hurricane ITAs. My senses from the reports

78
00:04:54,680 --> 00:04:57,160
Speaker 1: that we actually have made a fair amount of progress

79
00:04:57,839 --> 00:05:02,360
Speaker 1: in preparing for hurricanes based on the lessons of Katrina.

80
00:05:02,600 --> 00:05:06,039
Speaker 1: Was that your experience in the last few days. Yeah,

81
00:05:06,080 --> 00:05:08,960
Speaker 1: I think we're much better prepared offshore. We've got very

82
00:05:09,120 --> 00:05:12,200
Speaker 1: specific procedures. We were able, you know, no casualties, no

83
00:05:12,440 --> 00:05:15,800
Speaker 1: accidents involving people because of the hurricane. So the off

84
00:05:15,839 --> 00:05:18,080
Speaker 1: shore industry took very good care in their own I

85
00:05:18,080 --> 00:05:22,840
Speaker 1: think we're prepared. The refinery complex is less prepared. As

86
00:05:22,839 --> 00:05:25,880
Speaker 1: a result of the power outages and just the extreme

87
00:05:25,920 --> 00:05:29,160
Speaker 1: weather conditions, the refinery complex is actually I think more

88
00:05:29,279 --> 00:05:32,919
Speaker 1: damaged has occurred, and that's really going to affect consumers

89
00:05:33,320 --> 00:05:35,880
Speaker 1: a little bit for the next couple of weeks. The

90
00:05:35,920 --> 00:05:39,400
Speaker 1: processes I unders ended. One of the major factors was

91
00:05:40,160 --> 00:05:44,960
Speaker 1: that the power system was knocked out pretty decisively, and

92
00:05:45,080 --> 00:05:48,839
Speaker 1: about a million homes and businesses in Louisiana, Mississippi ended

93
00:05:48,960 --> 00:05:51,839
Speaker 1: up without power, including I think all of New Orleans.

94
00:05:52,440 --> 00:05:56,159
Speaker 1: To what excent did that power collapse have an impact

95
00:05:56,200 --> 00:05:59,200
Speaker 1: on the oil and gas industry, Well, it's had a

96
00:05:59,279 --> 00:06:02,240
Speaker 1: huge impact. People should understand is about a third of

97
00:06:02,240 --> 00:06:05,560
Speaker 1: the refinery industrial complex in the US is centered in

98
00:06:05,600 --> 00:06:10,080
Speaker 1: the Gulf Coast, and this is because historically the refineries needed.

99
00:06:10,080 --> 00:06:14,640
Speaker 1: The oil supply from Texas, Mexico and Venezuela, where the

100
00:06:14,640 --> 00:06:17,919
Speaker 1: oil comes from, has shifted, but the refineries are still there.

101
00:06:18,279 --> 00:06:22,440
Speaker 1: There's six refineries in the southern Louisiana area their offline

102
00:06:22,880 --> 00:06:25,520
Speaker 1: and those contribute about nine percent of the capacity to

103
00:06:26,160 --> 00:06:29,760
Speaker 1: the US system. And then there's a further three refineries

104
00:06:29,760 --> 00:06:33,600
Speaker 1: that are operating at about fifty percent capacity that are

105
00:06:33,600 --> 00:06:37,080
Speaker 1: about represent about three and a half percent of the

106
00:06:37,200 --> 00:06:40,160
Speaker 1: US capacity. So you know, all told, it's going to

107
00:06:40,200 --> 00:06:42,080
Speaker 1: be about twelve and a half percent of the US

108
00:06:42,160 --> 00:06:45,480
Speaker 1: capacity is offline at least for a brief period, and

109
00:06:45,520 --> 00:06:49,400
Speaker 1: so that's obviously going to have ripple effects through the economy.

110
00:06:49,960 --> 00:06:54,480
Speaker 1: How price sensitive is the well and yes, market to

111
00:06:54,560 --> 00:06:56,600
Speaker 1: those kind of changes, I mean, how much do they

112
00:06:56,800 --> 00:07:01,760
Speaker 1: reflect almost immediately in futures priced? Well, the market is

113
00:07:01,760 --> 00:07:04,480
Speaker 1: really quick. You saw oil build up Thursday, Friday, and

114
00:07:04,520 --> 00:07:07,720
Speaker 1: then on the perceived impact of Hurricane Ida and then

115
00:07:07,800 --> 00:07:10,760
Speaker 1: kind of level off Monday and Tuesday. As far as

116
00:07:10,760 --> 00:07:13,720
Speaker 1: gas prices, they're a little bit stickier and the effects

117
00:07:13,720 --> 00:07:16,160
Speaker 1: will take a little bit longer to work through. As

118
00:07:16,200 --> 00:07:20,840
Speaker 1: the refineries the process petroleum becomes gasoline and ends up

119
00:07:20,880 --> 00:07:23,480
Speaker 1: in gas stations that will take two or three weeks

120
00:07:23,480 --> 00:07:28,480
Speaker 1: to work through the system. Elevated pricing, particularly in the Texas, Louisiana,

121
00:07:28,520 --> 00:07:33,239
Speaker 1: Oklahoma areas. When the Trina hit, the average gas price

122
00:07:33,720 --> 00:07:36,800
Speaker 1: jumped about eighteen and it s took a couple of

123
00:07:36,880 --> 00:07:40,360
Speaker 1: months for the system to bring the prices back to normal.

124
00:07:41,240 --> 00:07:43,960
Speaker 1: Is that sort of a reasonable expectation now or what

125
00:07:44,000 --> 00:07:47,080
Speaker 1: do you think? I think it will be slightly less

126
00:07:47,080 --> 00:07:49,320
Speaker 1: simply because the economy is not as hot as it

127
00:07:49,440 --> 00:07:51,480
Speaker 1: was back in two thousand and five. But I will

128
00:07:51,560 --> 00:07:55,360
Speaker 1: say that the gasoline storage levels were less than pre

129
00:07:55,480 --> 00:07:58,400
Speaker 1: pandemic levels already, so there's not a lot of slack

130
00:07:58,440 --> 00:08:01,160
Speaker 1: in the system, and the economy has been doing pretty well.

131
00:08:01,200 --> 00:08:03,320
Speaker 1: So I think you're going to see elevated levels, but

132
00:08:03,760 --> 00:08:06,800
Speaker 1: kind of less than that eighteen percent spike that could

133
00:08:06,800 --> 00:08:10,520
Speaker 1: train a cost. And do you see any of the

134
00:08:10,640 --> 00:08:13,280
Speaker 1: damage being permanent or do you think the whole system

135
00:08:13,480 --> 00:08:17,160
Speaker 1: will presently be back up system? We'll get itself back up. Look,

136
00:08:17,160 --> 00:08:20,640
Speaker 1: the refineries have a strong incentive to repair themselves and

137
00:08:20,720 --> 00:08:23,400
Speaker 1: become fully functional again. It will just take a matter

138
00:08:23,400 --> 00:08:26,240
Speaker 1: of time. The real place for the long term damage

139
00:08:26,320 --> 00:08:29,080
Speaker 1: is off shore, So about ninety six percent of the

140
00:08:29,200 --> 00:08:31,920
Speaker 1: offshore production about one point seven billion barrels a day,

141
00:08:32,240 --> 00:08:35,319
Speaker 1: which basically turned off, and so that's going to take

142
00:08:35,360 --> 00:08:39,160
Speaker 1: about two weeks to six weeks to get turned back on.

143
00:08:39,640 --> 00:08:43,120
Speaker 1: There's about five hundred off shore platforms, two eighty eight

144
00:08:43,120 --> 00:08:47,320
Speaker 1: of those were evacuated as a result of the storm.

145
00:08:47,400 --> 00:08:49,840
Speaker 1: The early indications are that a lot of that production

146
00:08:49,960 --> 00:08:53,840
Speaker 1: is not going to be knocked offline long term. When

147
00:08:54,280 --> 00:08:58,360
Speaker 1: he described these platforms, we for our listeners, these are

148
00:08:58,400 --> 00:09:03,000
Speaker 1: really enormous subtilities, aren't they. Oh, they're like many cities.

149
00:09:03,000 --> 00:09:05,000
Speaker 1: I mean, these platforms can cost you know, fifty to

150
00:09:05,040 --> 00:09:08,079
Speaker 1: two hundred million dollars depending on the unit, and they

151
00:09:08,080 --> 00:09:12,040
Speaker 1: can employ hundreds of people. And there's constant helicopter traffic

152
00:09:12,080 --> 00:09:14,359
Speaker 1: in the Gulf taking people to and from these platforms.

153
00:09:14,800 --> 00:09:18,120
Speaker 1: There are many cities or villages in terms of population.

154
00:09:18,480 --> 00:09:21,360
Speaker 1: And part of this is how I understanding directly, is

155
00:09:22,080 --> 00:09:28,120
Speaker 1: that you're actually producing and selling into a world market

156
00:09:28,880 --> 00:09:34,360
Speaker 1: which itself is in deficit and which could lead to

157
00:09:34,400 --> 00:09:38,800
Speaker 1: continued pricing pressures, not just here but around the world. Yeah. So,

158
00:09:39,000 --> 00:09:41,559
Speaker 1: and OPEC has just recently announced, actually in the last

159
00:09:41,600 --> 00:09:44,480
Speaker 1: twenty four hours that they are not going to increase

160
00:09:44,520 --> 00:09:47,280
Speaker 1: their production any more than they already were. So I

161
00:09:47,320 --> 00:09:50,080
Speaker 1: think that there's a floor under the supply and that's

162
00:09:50,120 --> 00:09:54,560
Speaker 1: going to lead to higher prices for oil and following that,

163
00:09:54,880 --> 00:09:57,959
Speaker 1: gasoline prices at the pump for the remainder of the year.

164
00:10:14,960 --> 00:10:19,040
Speaker 1: As you look at the administration's attitude towards the industry,

165
00:10:19,400 --> 00:10:23,280
Speaker 1: do you expect them to be helpful in getting all

166
00:10:23,320 --> 00:10:26,079
Speaker 1: this back up and running just because, as a practical matter,

167
00:10:26,800 --> 00:10:29,640
Speaker 1: is essential to our economy, or do you think that

168
00:10:29,679 --> 00:10:35,319
Speaker 1: the regulations and the attitudes will continue to be difficult

169
00:10:35,840 --> 00:10:37,720
Speaker 1: in terms of the production of oil and gas in

170
00:10:37,720 --> 00:10:40,120
Speaker 1: the US. I like to think they would be helpful,

171
00:10:40,160 --> 00:10:42,040
Speaker 1: but I think not. Look, you know, I've been very

172
00:10:42,080 --> 00:10:45,640
Speaker 1: critical of the Biden administrations policies with regards to oil

173
00:10:45,679 --> 00:10:49,640
Speaker 1: and gas. I think canceling the Keystone pipeline while allowing

174
00:10:49,640 --> 00:10:52,800
Speaker 1: the nord Stream to pipeline to go through, which connects

175
00:10:52,880 --> 00:10:56,720
Speaker 1: Russian gas to the German market. And then you know,

176
00:10:56,760 --> 00:10:59,600
Speaker 1: a couple of weeks ago, Biden didn't ask for taxes

177
00:10:59,840 --> 00:11:03,200
Speaker 1: or Pennsylvania or North Dakota to produce more. I think

178
00:11:03,240 --> 00:11:06,800
Speaker 1: these are ridiculous statements, or are they good for the

179
00:11:06,960 --> 00:11:10,439
Speaker 1: US economy. From that standpoint, when you look at the potential,

180
00:11:10,760 --> 00:11:13,800
Speaker 1: say in North Dakota, if we really wanted to go

181
00:11:13,920 --> 00:11:16,800
Speaker 1: all out, how much more oil and yes, do you

182
00:11:16,800 --> 00:11:19,480
Speaker 1: think the US could produce? Oil production was a little

183
00:11:19,480 --> 00:11:23,040
Speaker 1: over thirteen million barrels a day pre pandemic levels and

184
00:11:23,120 --> 00:11:25,440
Speaker 1: right now it's about eleven million barrels a day. I

185
00:11:25,480 --> 00:11:28,400
Speaker 1: think the US oil and gas industry has the capacity

186
00:11:28,840 --> 00:11:31,480
Speaker 1: to produce somewhere in the fifteen to seventeen million barrels

187
00:11:31,520 --> 00:11:33,679
Speaker 1: a day, and that would push the price at the

188
00:11:33,720 --> 00:11:37,319
Speaker 1: pump down. But the administration has got to get out

189
00:11:37,360 --> 00:11:39,920
Speaker 1: of its own way to allow this to happen, and

190
00:11:40,000 --> 00:11:43,520
Speaker 1: they just seem to want to placate the far left

191
00:11:43,559 --> 00:11:46,080
Speaker 1: and the progressive I mean, it's been sort of a

192
00:11:46,120 --> 00:11:49,440
Speaker 1: wild ride, hasn't it, to go from the Obama attitude

193
00:11:50,400 --> 00:11:54,160
Speaker 1: to the Trump attitude now to the Biden attitude. Making

194
00:11:54,240 --> 00:11:56,480
Speaker 1: decisions in the industry, how do you find some kind

195
00:11:56,520 --> 00:12:02,000
Speaker 1: of reasonable horizon for these decisions given the volatility of

196
00:12:02,040 --> 00:12:05,880
Speaker 1: the politics. In the short term, we're hit with all

197
00:12:05,880 --> 00:12:09,160
Speaker 1: of these Biden policies that are against the industry, and

198
00:12:09,200 --> 00:12:13,319
Speaker 1: then in the long term we're facing you know, ESG considerations,

199
00:12:13,760 --> 00:12:16,560
Speaker 1: the Green New Deal or some import of that coming

200
00:12:16,600 --> 00:12:18,480
Speaker 1: into effect, and so it makes it very difficult to

201
00:12:18,520 --> 00:12:21,280
Speaker 1: make both short and long term decisions in the industry.

202
00:12:21,600 --> 00:12:25,559
Speaker 1: From your perspective, you actually are a service company to

203
00:12:25,920 --> 00:12:29,760
Speaker 1: the producers. Is that basically correct? Yeah, So we're basically

204
00:12:29,760 --> 00:12:33,160
Speaker 1: a subcontractor for the oil companies. When they want something done,

205
00:12:33,200 --> 00:12:35,120
Speaker 1: we get it done. They're like a general contractor and

206
00:12:35,120 --> 00:12:38,439
Speaker 1: we're like a subcontractor. How many states does your company

207
00:12:38,480 --> 00:12:42,680
Speaker 1: work here? Fourteen? Well, and do you do any international

208
00:12:42,679 --> 00:12:44,920
Speaker 1: business or do you stick to the US? We do

209
00:12:44,960 --> 00:12:47,760
Speaker 1: a little bit international business, but we're ninety nine domestic.

210
00:12:48,280 --> 00:12:51,640
Speaker 1: How much of the future is the offshore big rigs

211
00:12:51,679 --> 00:12:54,080
Speaker 1: and how much of it is stuff like fracking in

212
00:12:54,160 --> 00:12:57,200
Speaker 1: North Dakota. Oh, the US shail So the fracking in

213
00:12:57,240 --> 00:13:01,040
Speaker 1: North Dakota, Pennsylvania taxes is really eating the lunch of

214
00:13:01,080 --> 00:13:02,960
Speaker 1: the off shore business In the long term, I think

215
00:13:03,160 --> 00:13:06,280
Speaker 1: the future is in the onshore shale stop. I remember

216
00:13:06,280 --> 00:13:10,079
Speaker 1: back when two thousand and eight, where nobody on the

217
00:13:10,160 --> 00:13:14,120
Speaker 1: left believe fracking was real, crazy right, Yeah, And it

218
00:13:14,160 --> 00:13:18,760
Speaker 1: actually started with a US Department of Energy grant to

219
00:13:18,840 --> 00:13:23,080
Speaker 1: a Greek immigrant to run some experiments many years ago,

220
00:13:23,640 --> 00:13:26,720
Speaker 1: and then it just gradually evolved. We've developed this technology

221
00:13:27,440 --> 00:13:33,839
Speaker 1: that I remember correctly moved North Dakota from six hundred

222
00:13:33,920 --> 00:13:37,800
Speaker 1: million barrels of reserves to twenty four billion. If you

223
00:13:37,800 --> 00:13:40,920
Speaker 1: think about the sheer scale of additional wealth that that created,

224
00:13:41,440 --> 00:13:44,760
Speaker 1: it's really remarkable. Now, Well, you had mentioned earlier. I

225
00:13:44,760 --> 00:13:46,960
Speaker 1: hope you don't mind my asking us since it's personal,

226
00:13:47,000 --> 00:13:50,479
Speaker 1: But you'd mentioned earlier that you lost your house in Katrina.

227
00:13:50,640 --> 00:13:53,440
Speaker 1: What was that Like? I was just out of law

228
00:13:53,480 --> 00:13:56,320
Speaker 1: school and I was living on the North Shore and

229
00:13:56,840 --> 00:13:59,439
Speaker 1: I just moved into a kind of a fixer upper

230
00:14:00,200 --> 00:14:03,200
Speaker 1: and Katrina put the entire thing into Lake ponta train.

231
00:14:03,320 --> 00:14:06,679
Speaker 1: It was really a crazy experience for me, and it

232
00:14:06,760 --> 00:14:09,600
Speaker 1: changed my life. To be honest, were you there at

233
00:14:09,600 --> 00:14:12,720
Speaker 1: the time or had you evacuated? Well, a little bit above,

234
00:14:12,800 --> 00:14:15,280
Speaker 1: so I evacuated about fifty miles north, which was not

235
00:14:15,400 --> 00:14:18,120
Speaker 1: far enough. So my parents were very upset with me.

236
00:14:18,160 --> 00:14:20,600
Speaker 1: At the time. I was in a house with about

237
00:14:20,640 --> 00:14:24,480
Speaker 1: fifty people and the roof was partially ripped off the

238
00:14:24,520 --> 00:14:27,720
Speaker 1: house during the storm. Wow, I mean that must have

239
00:14:27,760 --> 00:14:32,240
Speaker 1: been extraordinary. Yeah, it was a crazy experience and I

240
00:14:32,280 --> 00:14:35,080
Speaker 1: should have evacuated further than fifty miles from the shore,

241
00:14:35,480 --> 00:14:36,880
Speaker 1: and if I had it to do over again, I

242
00:14:36,920 --> 00:14:39,760
Speaker 1: would have. But it definitely it was a life changing

243
00:14:39,760 --> 00:14:43,000
Speaker 1: experience and made me think about hurricanes differently. So when

244
00:14:43,040 --> 00:14:48,480
Speaker 1: you went back home and your house was gone, right, yeah, yeah,

245
00:14:48,600 --> 00:14:51,160
Speaker 1: it was a life changing experience. In what ways did

246
00:14:51,160 --> 00:14:54,320
Speaker 1: it really change your life? I lost my job, my

247
00:14:54,440 --> 00:14:58,120
Speaker 1: home and moved from New Orleans to Phoenix, Arizona to

248
00:14:58,160 --> 00:15:00,800
Speaker 1: start completely over. So, I mean, and all respects, I

249
00:15:00,800 --> 00:15:06,120
Speaker 1: feel like, So, I mean, you obviously landed on your feet. Well,

250
00:15:06,200 --> 00:15:08,120
Speaker 1: I had some luck, but I've done okay for myself,

251
00:15:08,160 --> 00:15:09,920
Speaker 1: and I feel like my story has turned out well.

252
00:15:10,320 --> 00:15:12,400
Speaker 1: But at the time, I mean, did you have the

253
00:15:12,520 --> 00:15:17,480
Speaker 1: sense of being totally disoriented? It was daunting. I mean,

254
00:15:17,520 --> 00:15:21,920
Speaker 1: to have the city you lived and closed is crazy.

255
00:15:22,360 --> 00:15:24,760
Speaker 1: I mean, it's hard to even think about. Right. New

256
00:15:24,840 --> 00:15:26,760
Speaker 1: Orleans had nine feet of water and it was closed.

257
00:15:26,960 --> 00:15:29,200
Speaker 1: I went to two Lane for three years and we

258
00:15:29,320 --> 00:15:32,400
Speaker 1: lived on Lower Line over by Audubon Park. I lived

259
00:15:32,400 --> 00:15:35,560
Speaker 1: on Upper Line Street. Okay, well we're very close. And

260
00:15:36,160 --> 00:15:39,720
Speaker 1: I went back after Katrina. The damage to the city

261
00:15:39,800 --> 00:15:43,840
Speaker 1: was unbelievable, and I gathered it's not as bad this time,

262
00:15:44,520 --> 00:15:47,960
Speaker 1: although the electricity is out. The federal government put tons

263
00:15:48,000 --> 00:15:50,640
Speaker 1: and tons of money in there, and they rebuilt an

264
00:15:50,640 --> 00:15:52,600
Speaker 1: awful lot of the infrastructure. They built it higher, and

265
00:15:52,640 --> 00:15:54,880
Speaker 1: they built it better. So I think the city is

266
00:15:54,920 --> 00:15:58,800
Speaker 1: just much more prepared. Yeah, which is great because first

267
00:15:58,840 --> 00:16:00,560
Speaker 1: of all, no one's has been enough trouble over the

268
00:16:00,640 --> 00:16:04,560
Speaker 1: last forty years. They need an occasional positive break. But

269
00:16:04,680 --> 00:16:06,840
Speaker 1: also just in terms of the impact on human beings.

270
00:16:07,400 --> 00:16:10,120
Speaker 1: You look at the number of people who died in Katrina,

271
00:16:10,160 --> 00:16:11,960
Speaker 1: and I think the only one I've seen so far

272
00:16:12,120 --> 00:16:13,760
Speaker 1: was a man who died when a tree fell in

273
00:16:13,800 --> 00:16:16,480
Speaker 1: his house. Well, listen, I really want to thank you

274
00:16:17,080 --> 00:16:20,600
Speaker 1: for joining us. It's very intriguing. I knew a moderate

275
00:16:20,600 --> 00:16:24,800
Speaker 1: amount about the service industry in general, but I had

276
00:16:24,840 --> 00:16:29,280
Speaker 1: never before encountered Canary LLC. So I'm really glad that

277
00:16:29,320 --> 00:16:32,800
Speaker 1: you were able to share with us, and I wish

278
00:16:32,800 --> 00:16:37,200
Speaker 1: you well as we rebuild the capacity in Louisiana, and

279
00:16:37,280 --> 00:16:39,040
Speaker 1: hopefully over the next few years we'll get back to

280
00:16:39,120 --> 00:16:44,280
Speaker 1: rationality in developing the American fields and being once again

281
00:16:44,440 --> 00:16:48,080
Speaker 1: independent of places like Iran or Saudi Arabia or Russia.

282
00:16:48,160 --> 00:16:51,320
Speaker 1: So you're part of that process, and I salute you

283
00:16:51,360 --> 00:16:54,640
Speaker 1: and Dan. I really appreciate your sharing your experience with us.

284
00:16:55,120 --> 00:16:57,680
Speaker 1: Thank you, speaker. I'm big Fanigers and help to see

285
00:16:57,720 --> 00:17:04,119
Speaker 1: you on TV again soon. Thank you to my guest

286
00:17:04,240 --> 00:17:08,440
Speaker 1: Dan Eberharden. We'll have more information on how Hurricane Idol

287
00:17:08,480 --> 00:17:12,320
Speaker 1: will affect gas prices on our show page at newtsworld

288
00:17:12,320 --> 00:17:17,520
Speaker 1: dot com. Newtsworld is produced by Gingwish three sixty and iHeartMedia.

289
00:17:18,080 --> 00:17:22,320
Speaker 1: Our executive producer is Debbie Myers. Our producer is Garnsey Sloan.

290
00:17:22,760 --> 00:17:26,960
Speaker 1: Our researcher is Rachel Peterson. The artwork for the show

291
00:17:27,440 --> 00:17:30,640
Speaker 1: was created by Steve Penley. Special thanks to the team

292
00:17:30,640 --> 00:17:34,119
Speaker 1: at Gingwish three sixty. If you've been enjoying Newtsworld, I

293
00:17:34,160 --> 00:17:37,159
Speaker 1: hope you'll go to Apple Podcast and both rate us

294
00:17:37,200 --> 00:17:40,280
Speaker 1: with five stars and give us a review so others

295
00:17:40,280 --> 00:17:43,280
Speaker 1: can learn what it's all about. Right now, listeners of

296
00:17:43,359 --> 00:17:46,280
Speaker 1: news World can sign up from my three free weekly

297
00:17:46,320 --> 00:17:51,080
Speaker 1: columns at Gingwish three sixty dot com slash newsletter. I'm

298
00:17:51,160 --> 00:18:00,880
Speaker 1: Newt Gingrich. This is Newtsworld five