Thoughtful Money with Adam Taggart Rick Rule: I've Rarely Seen Such Good Opportunity In Oil & Gas Stocks
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Jan 25, 2026 
Rick Rule, veteran natural resource investor who built events like the Rule Symposium, shares sharp takes on oil and gas. He explains why underinvestment and cyclical lows set up big supply-driven opportunities. He discusses limits of U.S. shale, gas as a peaking fuel for data centers, valuation bargains in majors, and where disciplined investors might look within the sector.
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Fossil Fuels Still Drive Global Energy
- Global demand for fossil fuels remains large and peak demand estimates have been pushed decades out.
- Rick Rule warns analysts currently undervalue the long tail of oil company cash flows in NPV models.
Capital Starvation Sets Up Supply Shock
- Underinvestment in sustaining capital is creating future supply shortfalls that will support higher prices.
- Rick estimates global oil industry is under-investing sustaining capital by $1–2 billion per day.
U.S. Shale May Be Past Its Prime
- U.S. shale has largely exhausted its tier-one drill locations at current prices and costs.
- Rick says at ~$60 oil roughly 85% of tier-one locations have been drilled, limiting future U.S. production upside without higher prices or new tech.