The White House wants gasoline prices to be lower, and it wants to see American oil companies drill for more oil. But of course, these ideas are in tension. If prices are going lower, why drill more? This tension has only grown sharper since the shale busts of the mid-2010s, as American producers got burned multiple times by prioritizing production over profits. So what now? How do US producers think about the recent oil price spike? How are they thinking about the rising costs of their own production, due to higher energy, labor, and steel costs? On this episode, we speak with Jack McClendon, the founder and CEO of Siena Natural Resources, an independent oil and gas company that primary buys odd lots of wells from other companies. We talk about the long-term economics of the industry, including the central role of capital markets in determining how the industry moves. He also tells us whether the show Landman is realistic.

Read more:
Oil Tankers Hauling US Crude Via Panama Approaching 4-Year High
The US Oil Industry Doesn’t Want the Iran War Either

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The White House wants gasoline prices to be lower, and it wants to see American oil companies drill for more oil. But of course, these ideas are in tension. If prices are going lower, why drill more? This tension has only grown sharper since the shale busts of the mid-2010s, as American producers got burned multiple times by prioritizing production over profits. So what now? How do US producers think about the recent oil price spike? How are they thinking about the rising costs of their own production, due to higher energy, labor, and steel costs? On this episode, we speak with Jack McClendon, the founder and CEO of Siena Natural Resources, an independent oil and gas company that primary buys odd lots of wells from other companies. We talk about the long-term economics of the industry, including the central role of capital markets in determining how the industry moves. He also tells us whether the show Landman is realistic.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-04-17/oil-tankers-hauling-us-crude-via-panama-approaching-4-year-high?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Oil Tankers Hauling US Crude Via Panama Approaching 4-Year High</a> <a href="https://www.bloomberg.com/news/articles/2026-04-16/oil-producers-in-the-us-see-little-upside-from-iran-war?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">The US Oil Industry Doesn&rsquo;t Want the Iran War Either</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

Jack McClendon on Why It's So Hard to Create a New American Oil Boom

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/20bb1678-3931-456e-8f40-b4300150bb16/transcript