RNC Day 1 Kicks off in Dallas

Watch on YouTube ↗  |  September 10, 2026 at 00:28  |  46:52  |  Bloomberg Markets
Speakers
Chris Wright — US Energy Secretary
Elaine Agather — Global Vice Chair, JPMorgan Private Bank; Chairman, Dallas Region, JPMorgan Chase & Co
Isabel Lee — Bloomberg Reporter
Mehmet Oz — Administrator for the Centers for Medicare and Medicaid Services
Ron Kirk — Former US Trade Representative and former Dallas Mayor

Summary

Bloomberg's Balance of Power broadcasts from Dallas as the Republican National Committee holds its midterm convention. Energy Secretary Chris Wright predicts lower gasoline prices and growing Venezuela oil output while saying US-Canada energy trade should stay insulated from tariffs. CMS Administrator Mehmet Oz discusses drug pricing and Medicare GLP-1 coverage, JPMorgan's Elaine Agather highlights Texas growth but cautions on a data center bubble, and former USTR Ron Kirk warns tariffs tax American businesses.

  • Chris Wright expects US gasoline prices to fall in coming weeks and says Ukrainian attacks on Russian refineries are the biggest diesel supply problem.
  • Chris Wright reports strong Strait of Hormuz oil flows with US Navy support and expects Venezuela oil production to double by end of next year.
  • Chris Wright says US-Canada energy trade should remain insulated from the trade fight, supporting Canadian companies like Enbridge.
  • Dr. Mehmet Oz discusses most-favored-nation drug pricing and Medicare GLP-1 coverage at $50 per month.
  • Elaine Agather says Texas is attracting capital and talent, but flags the data center buildout as bubble-like and worth watching.
  • Ron Kirk argues tariffs are taxes on American businesses and will hurt farmers, small businesses, and manufacturers.
  • The market recap notes Treasury buybacks failed to stop the bond selloff and Apple shares slipped after a lukewarm product event.
Ideas
Chris Wright US Energy Secretary 1:35
US fuel prices should fall soon.
The US is expanding refining capacity, easing regulations, issuing Jones Act waivers and investing in Venezuela, so gasoline and diesel prices should roll over and head lower in coming weeks; Ukrainian attacks on Russian refineries and China's refining cuts remain the main supply problems, especially for diesel.
UGA DIESEL HIGH
Chris Wright US Energy Secretary 6:13
Canada energy trade insulated from tariffs.
US-Canada energy trade is likely to stay insulated from tariff escalation because the two countries' energy systems have been linked for decades and energy trade is critical; therefore a Canadian company like Enbridge buying a US pipeline should be allowed.
ENB MED
Chris Wright US Energy Secretary 8:06
Venezuela oil investment/output set to surge.
The outlook for investment in Venezuela is becoming more attractive and more secure with a larger US role; he expects significant company investment announcements and a doubling of Venezuelan oil production by the end of next year, which he says would be historically fast.
Venezuela HIGH
Elaine Agather Global Vice Chair, JPMorgan Private Bank; Chairman, Dallas Region, JPMorgan Chase & Co 31:45
Data center buildout looks bubble-like.
She is cautious on the rapid data center buildout, saying siting decisions have not been managed strategically, pushback is beginning, and after 47 years and seeing bubbles she gets nervous and thinks the data center boom is something to be aware of.
DTCR MED
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This Bloomberg Markets video, published September 10, 2026, features Chris Wright, Elaine Agather discussing UGA, DIESEL, ENB, Venezuela, DTCR. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Wright, Elaine Agather  · Tickers: UGA, DIESEL, ENB, Venezuela, DTCR