What you'll learn

• 1 (00:53) **The Real Energy Crisis: Worse Than You Think** - Walsh introduces the episode’s central thesis: the consensus view on high gas prices is simplistic and overly optimistic; the truth is a potentially historic energy crisis driven by physics, not just economics.
• 2 (05:41) **Zelensky’s War on Russian Refineries** - Walsh reveals a communication from a former White House official blaming Ukraine’s bombing of Russian fuel infrastructure for the energy crisis, and then examines Trump’s claims about a ceasefire deal.
• 3 (08:02) **How Diesel Prices Affect You** - Walsh explains the mechanics of how Ukraine’s bombing campaign impacts everyday Americans, connecting diesel shortages to higher costs for goods and gasoline.
• 4 (11:53) **Zelensky’s Political Motivation** - Walsh argues that Zelensky benefits politically from high U.S. gas prices, as they hurt Republicans in the midterm elections and increase the likelihood of Democratic control of Congress, which would continue funding Ukraine.
• 5 (20:46) **The GOP’s Dangerous Solution: Export Bans and Price Controls** - Walsh warns that proposed Republican remedies, like diesel export bans, would backfire and worsen the crisis, drawing parallels to failed 1970s policies.
• 6 (25:22) **Global Chokepoints and Strategic Vulnerability** - Walsh highlights overlooked geopolitical risks, including a vulnerable Saudi pipeline and Houthi control of the Red Sea, which exacerbate tanker shortages and shipping costs.
• 7 (28:48) **Strategic Petroleum Reserve: Running on Fumes** - Walsh details how the Biden administration’s depletion of the Strategic Petroleum Reserve (SPR) has left the U.S. with dangerously low emergency oil supplies.

+ Full timestamped outline available in the app