Daily Activity Report Not Posted As Of 5:13 P.M. -- September 23, 2026

Locator: 51808B.

Big Beef rumors today: 

• US ranchers have a beef with President Trump and the president may be listening;
• rumor: President Trump may walk back earlier decision to import foreign beef to lower costs. 
• has anyone seem beef prices at the supermarket decrease this year? I don't know. I don't eat much beef. I'm a sushi kind of guy. 

Big Oil rumors today: US government could impost a 90-day pause in diesel exports; 

• hard to find anyone in the US who would support this deal, except perhaps truckers;
• I could be wrong, but I would think that in the big scheme of things, the "use" of diesel in the US (and the world, for that matter) is fairly inelastic. See this link. Link here: https://share.google/aimode/FGAnv03fwM3SUh430. 

Big news today: education.

• Cornell University releases 238-page policy paper on higher education, with few actionable items;
• Phil Knight, billionaire founder of Nike, makes largest donation ever to a flagship university
• University of Oregon
• new engineering school at that university
• one billion dollars

Big news tomorrow: 

• Chinese leader's first full day in Washington, DC; state visit
• arrives tonight with President Trump meeting him on the tarmac -- generally not done. 

The US equity markets: down one-half to one and a half percent across all major indices.  

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Back to the Bakken 

WTI: $92.83. Up $2.31. 

Active rigs:

Four new oil and gas permits --

• 43329, SWD
• 43330, conf, CLR, Nielsen 2-24HSL, Wildrose, SESW 24-160-97, 500 FSL 1350 FWL
• 43331, conf, CLR, Nielsen 3-24H, Wildrose, SESW 24-160-97, 500 FSL 1382 FWL
• 43332, conf, CLR, Nielsen 4-24H, Wildrose, SESW 24-160-97, 500 FSL 1414 FWL
• 43333, conf, CLR, Nielsen 5-24H, Wildrose, SESW 24-160-97, 500 FSL 1446 FWL
• 43334, conf, Petro-Hunt, Kadrmas 143-98-10A SWD

 

Phil Knight -- Philanthropist News -- September 23, 2026

Locator: 51807EDUCATION.

Phil Knight: wiki.  

• co-founder and chairman emeritus of Nike
• billionaire
• b. 1938 (age 88 years old)
• ties to Oregon
• undergraduate: University of Oregon (Eugene, OR)
• Stanford Graduate School of Business
• has donated heavily to his two alma maters as well as Oregon Health & Science University

Today's announcement:

• to University of Oregon
• to create Knight College of Engineering
• $1 billion 

Look at these headlines:

• Oregon needs 2,500 engineers a year 
• largest donation even known to a flagship university -- NY Times, link here.

This story has so many story lines.

I think it's agreed: the alignment between needs and supply, there is a huge misalignment in US graduate and post-graduate education.

• quick fix: when Trump is out of office; very likely admissions from overseas, particularly Asia, will likely turn around
• short-term fix: geographic expansion (satellite campuses) -- see Vanderbilt University with new campus in NYC
• short-term fix: expand products -- more online opportunities for on-campus students
• longer-term: consolidation -- that's a tough pill to swallow 

From the linked article:

The unscheduled phone call turned out to be worth $1 billion.

University of Oregon leaders have long been accustomed to big checks from Phil Knight, a Nike co-founder whose surname is splashed on everything from the library to the law center. When Mr. Knight called Oregon’s president this year, though, he and his wife, Penny, had a greater gift in mind: the largest known contribution to a public flagship university in the United States.

Oregon announced the donation, which will go toward starting an engineering college, on Wednesday, bringing the Knight family’s known total giving to Oregon to more than $2 billion.

But the contribution underscores how even the biggest gifts rarely erase financial strains at places like Oregon, which is weighing millions of dollars in fresh budget cuts as enrollment ebbs. Declining birthrates suggest a darkening outlook for colleges in the coming years as the number of children drops, and the Trump administration is pursuing a vigorous campaign to overhaul — and reduce — federal research funding.

Cornell University, link here. The full 238-page report, a pdf at this link: https://provost.cornell.edu/_files/initiatives/future-of-the-american-university-full-report.pdf.

I think most agree: most current successful business leaders would have done this in a ten-page memo. President Trump would have done it with a series of social media tweets. I doubt Phil Knight will read this 238-page paper.

If I decide to come back to this issue, it will be at this link. Link here: https://share.google/aimode/uWoDs6msUKW5HiMRw.

Wednesday -- September 23, 2026

Locator: 51806CITIES.

AI Czar: Treasury Secretary Scott Bessent? 

Cornell: confronts a crisis. Link here. The college fix.

Cornell University maintains an enrollment of approximately 26,793 students alongside more than 2,900 faculty members. The institution also employs roughly 7,764 full-time administrative and support personnel. 

Cities by GDP: 

• this is most interesting; posted by Schwab's Liz Ann Sonders;
• of the 12 cities on the list, 8 went down in their ranking; some considerably; one stayed even (Dallas) 
• two American cities fell off the list; replaced by two Chinese cities 
• in addition to the ranking, look at the $$$ -- 
• New York from $2.6 trillion to $6.4 trillion -- more than doubles, and we're talking trillions;
• in 2050, Dallas is #8; greater than Houston; Houston won't even on the list in 2050; 
• what would the DFW metroplex be?
• look at that: San Francisco is on the list, actually rising; and overtaking Chicago;
• both Seoul and Paris almost drop off the list; Paris drops to last; Seoul second to last;
• Washington, DC, drops off the list; it's hard to believe it is even on the list now
• exactly what does Washington, DC, do that makes up the city's GDP? Money laundering?
• Trump will be gone;
• Pelosi is gone; 
• most amazing! Houston drops off the list.

***********************************
Back to the Bakken

WTI: $90.13.

New wells reporting:

• Friday, September 25, 2026: 49 for the month, 129 for the quarter, 486 for the year,
• 41769, conf, Hess, EN-Will Trust A-157-94-2734H-5, 
• 41533, conf, Devon Energy, Borsheim 33-28 4H, 
• Thursday, September 24, 2026: 47 for the month, 127 for the quarter, 484 for the year, 
• None.
• Wednesday, September 23, 2026: 47 for the month, 127 for the quarter, 484 for the year,
• 41731, conf, BR, HBU Hazel 10S MBH,

RBN Energy: with refining capacity to spare, China could help ease global gasoline, diesel crunch. Link here. Archived.

It’s no secret that rising prices this year for refined products (especially gasoline and diesel) have drawn scorn from consumers, businesses and politicians alike. But while no obvious remedy appears likely in the very near term, that doesn’t mean the market is stuck indefinitely, as some major refiners, especially China, still have the capacity to boost output and exports. In today’s RBN blog, we look at how China could help stabilize the refined products market.

China could play a major role in restoring market balance, but let’s look at how we got here before we dive into those details. As we noted in Basket Case, the U.S.-Iran conflict has created one of the most significant disruptions to global petroleum markets in decades, with much of the market attention focused on crude oil and the loss of flows through the Strait of Hormuz. As we discussed in Stuck in a (Gulf) You Can’t Get Out Of, the volume of products flowing out of the strait has plummeted since the start of the war. After averaging an aggregate 3.3 MMb/d in January and February (sum of stacked areas in Figure 1 below), they cratered in the following months, dropping to as little as 100 Mb/d in April (dashed blue circle) as the three-month moving average (dashed red line) plunged.

TeraFab -- September 22, 2026

Locator: 51807TERAFAB.

Tag: Terafab. 

The most influential businessmen alive today: Elon Musk, President Trump, Jensen Huang, and Tim Cook. 

Link here. As you watch this, remind yourself that this was begun in 2026 or thereabouts. Meanwhile, California has laid no rail for its bullet train after a decade of work. Posted on YouTube eleven days ago.

******************
Search for more TeraFab videos on YouTube.

 

Link here. 

For Wednesday -- Cities Ranked By GPD -- Posted September 22, 2026

Locator: 51806CITIES.

Cities by GDP: 

• this is most interesting; posted by Schwab's Liz Ann Sonders;
• in addition to the obvious, look at the $$$ -- 
• New York from $2.6 trillion to $6.4 trillion -- more than doubles, and we're talking trillions;
• in 2050, Dallas is #8; greater than Houston; Houston won't even on the list in 2050; 
• what would the DFW metroplex be?
• look at that: San Francisco is on the list, actually rising; and overtaking Chicago;
• Paris drops to last on the list
• Washington, DC, drops off the list; it's hard to believe it is even on the list now
• Trump will be gone;
• Pelosi is gone; 
• most amazing! Houston drops off the list 

***********************************
Back to the Bakken

WTI: $90.33.

New wells reporting:

• Friday, September 25, 2026: 49 for the month, 129 for the quarter, 486 for the year,
• 41769, conf, Hess, EN-Will Trust A-157-94-2734H-5, 
• 41533, conf, Devon Energy, Borsheim 33-28 4H, 
• Thursday, September 24, 2026: 47 for the month, 127 for the quarter, 484 for the year, 
• None.
• Wednesday, September 23, 2026: 47 for the month, 127 for the quarter, 484 for the year,
• 41731, conf, BR, HBU Hazel 10S MBH,

RBN Energy: with refining capacity to spare, China could help ease global gasoline, diesel crunch. Link here. Archived.

It’s no secret that rising prices this year for refined products (especially gasoline and diesel) have drawn scorn from consumers, businesses and politicians alike. But while no obvious remedy appears likely in the very near term, that doesn’t mean the market is stuck indefinitely, as some major refiners, especially China, still have the capacity to boost output and exports. In today’s RBN blog, we look at how China could help stabilize the refined products market.

China could play a major role in restoring market balance, but let’s look at how we got here before we dive into those details. As we noted in Basket Case, the U.S.-Iran conflict has created one of the most significant disruptions to global petroleum markets in decades, with much of the market attention focused on crude oil and the loss of flows through the Strait of Hormuz. As we discussed in Stuck in a (Gulf) You Can’t Get Out Of, the volume of products flowing out of the strait has plummeted since the start of the war. After averaging an aggregate 3.3 MMb/d in January and February (sum of stacked areas in Figure 1 below), they cratered in the following months, dropping to as little as 100 Mb/d in April (dashed blue circle) as the three-month moving average (dashed red line) plunged.