Episode
Art Berman: Art Berman: Coming Oil Shock ‘Worst Thing’ in Modern History, Shortages Inevitable
- Podcast
- Palisades Gold Radio
- Published
- May 24, 2026
- Duration seconds
- 5193
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Summary
Stijn Schmitz welcomes Art Berman to the show. Art Berman is known as the energy realist and he paints a dire picture of the global energy situation, describing the Strait of Hormuz disruption as an unprecedented crisis with no historical precedent. He likens the world economy to a human losing 20% of its blood supply daily, explaining that while the West hasn’t felt immediate effects due to drawing on oil inventories, these savings will soon run out, and the lag will hit hard. Discussing supply numbers, Berman clarifies that roughly 15 to 20 million barrels per day of crude and refined products normally flow through the strait, but the effective loss is reduced to around 10 million barrels by bypass pipelines, still a catastrophic bleed-out. Berman outlines scenarios, starting with an unrealistic best case where everything resolves by June 1st, yet logistical hurdles like de-mining, insurance, and tanker queues mean oil wouldn’t flow until late 2026 at the earliest, leaving the world with no supply replenishment for months. His base case is that the Strait of Hormuz never returns to normal flows, as Iran has no incentive to relinquish the immense geopolitical leverage it now holds. He emphasizes that the U.S. is not truly energy independent, importing 6.5 million barrels of heavy crude daily because domestic light oil cannot substitute for the diesel and jet fuel the economy requires. Production restarts would be fraught with technical problems, and investor confidence in the region is permanently shattered. Berman stresses the irreversible nature of these events, comparing them to personal betrayals or missed opportunities—stabilization may occur, but the world will never return to 2025 economic norms. He notes that credible analysts predict global oil st…