The Diesel Reckoning: Why Refineries Trump Politics

Doomberg, Charlie Garcia, and Stu Turley have way too much fun covering the world of finance and energy.

Global energy markets are undergoing a dramatic rebalancing, and most people have no idea what's happening.

While politicians argue about which energy sources to cancel, real-world supply constraints are forcing a reckoning. Ukraine sanctions have wiped out Russian refinery capacity, diesel prices are spiking worldwide, and the U.S. is caught in a policy whiplash China would never tolerate.

Meanwhile, Canada's new Prime Minister Mark Carney is quietly executing a 180-degree pivot toward hydrocarbon dominance—and it's working. In this episode, we sit down with two of Substack's most influential energy analysts, Charlie Garcia of Capital Mischief and Doomberg , to break down the diesel crisis, expose why refinery capacity matters more than new drilling, explain why blue states are paying 42% more for energy than red states, and reveal how AI's insatiable appetite for power is about to reshape the entire energy landscape. If you care about energy security, geopolitics, or your wallet, you'll want to listen to this conversation.

I truly had an absolute blast learning from Doomberg and Charlie about their success and how they are growing their Substack audience. We all have different strengths, and I am truly honored to be in the same set with them.

This was our first successful live feed to Substack, and I hope to work out the bugs and get better at it. Doomberg’s and Charlie’s past episodes were very well received by our subscribers. Let us know your thoughts.

1. Canadian Energy Policy & Mark Carney’s LeadershipThe hosts discuss how Mark Carney, Canada’s new Prime Minister, is dramatically shifting energy policy away from Justin Trudeau’s climate-focused approach. Carney is pursuing LNG expansions, gas pipeline projects, and new oil pipelines—governing like a “Texas conservative” to position Canada as part of North American energy dominance.

2. Global Diesel Crisis & Refinery CapacityA critical focus is the global diesel shortage, particularly after Ukraine sanctions cut Russian refinery capacity. The discussion explains that diesel represents only 7 million barrels of competitive global supply, and Russia previously supplied 800,000 barrels daily. U.S. refineries are operating at 93% capacity, and the solution is to flexibilize existing refineries rather than build new ones.

We covered the refinery and diesel issue, along with the pre-game or pre-pod