---
title: (Podcast) The Greatest Energy Shock in History is Unfolding
description: Podcast discussion on oil markets, shale production, underinvestment, and why a major energy shock may be unfolding.
image: https://blog.gorozen.com/hubfs/2026.05%20Peak%20Prosperity%20Podcast%20ft.%20Adam%20Rozencwajg%2c%20CFA%20Managing%20Partner%20(1200%20x%20628%20px).png
---

[![GoRozen logo](https://blog.gorozen.com/hs-fs/hubfs/Gorozen_July2023/images/629a25c15755c930be0d624f_GoRozen-logo-horizontal-web.png?width=444&height=79&name=629a25c15755c930be0d624f_GoRozen-logo-horizontal-web.png "GoRozen logo")](https://www.gorozen.com/)

- FIRM

    - [HOME](https://www.gorozen.com/)
    - [ABOUT](https://www.gorozen.com/about)
    - [TEAM](https://www.gorozen.com/team)
- CONTENT

    - [COMMENTARIES](https://www.gorozen.com/commentaries)
    - [BLOG](https://blog.gorozen.com/blog)
    - [PODCASTS](https://www.gorozen.com/podcasts)
- HOW TO INVEST

    - [MUTUAL FUND](https://www.gorozen.com/gr-funds)
- [CONFERENCE](https://conference.gorozen.com/)
- [CONTACT](https://www.gorozen.com/contact)

[access latest research](https://www.gorozen.com/commentaries)

![Banner](https://blog.gorozen.com/hubfs/Gorozen_July2023/images/post-image.webp)

## (Podcast) The Greatest Energy Shock in History is Unfolding

05/08/2026

[![Share on linkedin](https://7528302.fs1.hubspotusercontent-na1.net/hub/7528302/hubfs/raw_assets/public/mV0_d-web-default-modules_hubspot/img/linkedin-color.png?width=24&name=linkedin-color.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fblog.gorozen.com%2Fblog%2Fpodcast-the-greatest-energy-shock-in-history-is-unfolding%3Futm_medium%3Dsocial%26utm_source%3Dlinkedin) [![Share on twitter](https://7528304.fs1.hubspotusercontent-na1.net/hub/7528304/hubfs/raw_assets/public/mV0_d-web-default-modules_hubspot/img/twitter-color.png?width=24&name=twitter-color.png)](https://twitter.com/intent/tweet?original_referer=https%3A%2F%2Fblog.gorozen.com%2Fblog%2Fpodcast-the-greatest-energy-shock-in-history-is-unfolding%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&url=https%3A%2F%2Fblog.gorozen.com%2Fblog%2Fpodcast-the-greatest-energy-shock-in-history-is-unfolding%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&source=tweetbutton&text=) [![Share on email](https://7528311.fs1.hubspotusercontent-na1.net/hub/7528311/hubfs/raw_assets/public/mV0_d-web-default-modules_hubspot/img/email-color.png?width=24&name=email-color.png)](mailto:?subject=Check%20out%20https%3A%2F%2Fblog.gorozen.com%2Fblog%2Fpodcast-the-greatest-energy-shock-in-history-is-unfolding%3Futm_medium%3Dsocial%26utm_source%3Demail%20&body=Check%20out%20https%3A%2F%2Fblog.gorozen.com%2Fblog%2Fpodcast-the-greatest-energy-shock-in-history-is-unfolding%3Futm_medium%3Dsocial%26utm_source%3Demail)

Global energy markets may be facing deeper structural supply constraints than current pricing suggests.

In this podcast discussion with Peak Prosperity, Adam Rozenwajg, CFA, Managing Partner of Goehring and Rozencwajg, joins host Chris Martenson, to discuss the growing disconnect between energy market fundamentals and investor sentiment. From shale depletion and slowing Permian growth to inventory dynamics, underinvestment, and the long-term outlook for oil and natural gas, the conversation explores why today’s market conditions could have significant implications for commodities in the years ahead.

The discussion also examines why current energy risks may be structural rather than temporary — and why markets may not yet be fully pricing them in.

*Please click the image below to access the full recap, listen to the episode, or read the transcript. *

[![The Oil Shock is a Major, Major Problem. Listen to the full episode. ](https://no-cache.hubspot.com/cta/default/4043042/495e9511-107a-429f-bc00-c737c1e51ad4.png)](https://cta-redirect.hubspot.com/cta/redirect/4043042/495e9511-107a-429f-bc00-c737c1e51ad4)

This interview was recorded on May 6, 2026.

***Want to learn more from Goehring & Rozencwajg? *** We invite you to download or revisit our entire Q4 2025 investor research letter, which is available below.   

[![2025 Q4 Research from Goehring & Rozencwajg: When the Strait Closed](https://no-cache.hubspot.com/cta/default/4043042/5a01a76a-007a-4dd8-bc13-3a7926e32325.png)](https://cta-redirect.hubspot.com/cta/redirect/4043042/5a01a76a-007a-4dd8-bc13-3a7926e32325)

 

*Registration with the SEC should not be construed as an endorsement or an indicator of investment skill, acumen or experience. Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal. Historical performance is not indicative of any specific investment or future results. Investment process, strategies, philosophies, portfolio composition and allocations, security selection criteria and other parameters are current as of the date indicated and are subject to change without prior notice. This communication is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Nothing in this communication is intended to be or should be construed as individualized investment advice. All content is of a general nature and solely for educational, informational and illustrative purposes. This communication may include opinions and forward-looking statements. All statements other than statements of historical fact are opinions and/or forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” and “expect”). Although we believe that the beliefs and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such beliefs and expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those discussed in such forward-looking statements. All expressions of opinion are subject to change. You are cautioned not to place undue reliance on these forward-looking statements. Any dated information is published as of its date only. Dated and forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any dated or forward-looking statements. Any references to outside data, opinions or content are listed for informational purposes only and have not been independently verified for accuracy by the Adviser. Third-party views, opinions or forecasts do not necessarily reflect those of the Adviser or its employees. Unless stated otherwise, any mention of specific securities or investments is for illustrative purposes only. Adviser’s clients may or may not hold the securities discussed in their portfolios. Adviser makes no representations that any of the securities discussed have been or will be profitable. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.*

[Back](https://blog.gorozen.com/blog)

### Stay informed with Natural Resource Market Insights

### Recent Posts

Goehring & Rozencwajg Associates, LLC. The information provided on this website is intended to provide the investor with an introduction to Goehring & Rozencwajg Associates, LLC. Nothing on this website should be construed as a solicitation offer, or recommendation to buy or sell any security or as an offer to provide advisory services. Information on this website is intended only for United States citizens and residents. Nothing contained on this website constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment advisor or to invest in a fund.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments concentrated in natural resources involve a higher degree of risk than more diversified strategies. **Past performance is no guarantee of future results.**

Investment process, strategies, philosophies, portfolio composition and allocations, security selection criteria and other parameters are current as of the date indicated and are subject to change without prior notice.

Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services. A fee was not paid by either the investment professional or the investment professional’s firm to receive the ranking. The ranking is based upon specific criteria and methodology (see ranking criteria/methodology-to the extent applicable). No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the investment professional’s firm.

Certain links may let you leave the Adviser’s website. The linked websites are not under the control of the Adviser, and we are not responsible for the content of any linked website, or any link contained in a linked website, or any changes or updates to such websites. Adviser is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, investigation, verification or monitoring by us of such third-party website. Any references to outside data, opinions or content are listed for informational purposes only and have not been verified for accuracy by the Adviser.  Third-party views, opinions or forecasts do not necessarily reflect those of the Adviser or its employees.

Unless stated otherwise, any mention of specific securities or investments is for illustrative purposes only. Adviser's clients may or may not hold the securities discussed in theri portfolios. Adviser makes no representations that any of the securities discussed have been or will be profitable.

- [ADV Part 3 - Form CRS](https://blog.gorozen.com/hubfs/Compliance%20Files/Goehring%20%26%20Rozencwajg%20Associates%20CRS%20Form%20ADV%20Part%203.pdf)
- [Cookie Policy](https://blog.gorozen.com/hubfs/Compliance%20Files/G%26R%20Cookie%20Policy.pdf)
- [Privacy Policy](https://blog.gorozen.com/hubfs/Compliance%20Files/G%26R%20Website%20Privacy%20Policy.pdf)

Goehring & Rozencwajg Associates LLC © 2023

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Goehring & Rozencwajg Team",
    "url" : "https://blog.gorozen.com/blog/author/goehring-rozencwajg-team"
  },
  "dateModified" : "2026-05-08T10:58:26.574Z",
  "datePublished" : "2026-05-08T10:58:20.000Z",
  "headline" : "(Podcast) The Greatest Energy Shock in History is Unfolding",
  "image" : [ "https://blog.gorozen.com/hubfs/2026.05%20Peak%20Prosperity%20Podcast%20ft.%20Adam%20Rozencwajg%2c%20CFA%20Managing%20Partner%20(1200%20x%20628%20px).png" ],
  "mainEntityOfPage" : {
    "@id" : "https://blog.gorozen.com/blog/podcast-the-greatest-energy-shock-in-history-is-unfolding",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://blog.gorozen.com/hubfs/Logos/GoRozen-logo-web.png"
    },
    "name" : "Goehring & Rozencwajg"
  }
}
```