Rick Rule: Oil Shocks, Mining Costs, and Lessons from the ’73 Arab Embargo

We welcome back Rick Rule for a wide-ranging discussion on the state of the resource markets. With renewed volatility in global energy markets and rising geopolitical tensions, we begin by examining the role oil prices play not only in the broader economy but also in the economics and risk profile of mining companies. Rick also offers some historical perspective, comparing today’s environment to past energy shocks like the 1973 Arab Oil Embargo, and what those moments can teach investors about real asset cycles. From there we discuss the tone coming out of PDAC 2026, the current stage of the mining capital cycle, and why jurisdictional risk has become an increasingly important factor for investors evaluating projects around the world. It’s a thoughtful conversation on macro forces, capital flows, and where opportunities may lie across the mining sector.