Alex Turnbull

And I think it becomes more about, is your society resilient?

Can you provide food, power on a distributed or more resilient basis?

And then you can fight.

And then it's very hard to get rolled as a country.

And I think that's not a terrible thing, coming from a mid-sized country myself, but I think it's a very challenging thing for the US to take on that this change has occurred.

Because it is a structural break with everything the US has learned since really the 1930s.

Yeah, I think currently that is the state of play and I think it's a, it is a not, it is neither good nor bad.

It is simply a change in what the strategy set is and the tool set, and that will lead to new strategies.

But I think at this point, the sort of, the sort of paradigm in the US where you could have a B2 take off, uh, and then

flattened stuff and then fly back and then not have to worry about your local base has been attacked in Iraq or UAE or what have you.

I think that's over now.

And, and it's, it is what it is.

Yeah.

So the Strategic Petroleum Reserve and the legislation around it was developed in the 1970s as a response to these inflation shocks.

And in 2022, I started working- And explain what that is.

Sure.

So in the 1970s, the U.S.

developed

Strategic Petroleum Reserve, which is now close to 800 million barrels of capacity of oil storage to deal with these kinds of shocks.

So that in the event you had tanker wars in the Gulf or some other kind of cessation of supply, you could gradually attenuate that acute shock, which has very significant inflation implications, and smooth that shock out.