In this in-depth 2026 interview, we sat down with Josh Young, founder and CIO of Bison Interests, to break down why oil may still be the ultimate contrarian investment. Josh explains the structural underinvestment in global upstream oil and gas, the decline of U.S. shale, rising geopolitical risk from Iran, Russia, and Venezuela, and why reserves may be far lower than investors believe. He discusses supply and demand imbalances, the potential for $80–$100 oil, misunderstood natural gas liquids (NGL) dynamics, and why small-cap producers and energy services could be massively undervalued going into 2027. Whether you’re an energy investor, commodity trader, or following the next oil supercycle, this conversation is packed with data-driven insights you won’t want to miss.

🗓️ Recording date: January 16 , 2025

📖 Chapters
0:00 Intro
1:53 – Is oil still the ultimate contrarian trade in 2026?
3:25 – Years of underinvestment & “burning the furniture” analogy
5:11 – Is U.S. shale entering structural decline?
7:37 – Middle East tensions & underpriced geopolitical risk
12:35 – Why oil isn’t at $100 (yet)
14:39 – Demand growth vs supply reality
17:18 – Refining bottlenecks: myth vs reality
19:56 – Natural gas liquids (NGLs): the hidden growth story
22:23 – Best opportunities: upstream, services, small caps
25:48 – One key factor to watch through 2027
28:40 – Silver, base metals & the next commodity cycle
31:45 – Where to follow Josh Young & Bison Interests