Bob Pittman

We're already beginning to see shortages across a bunch of different regions of the world.

Asian airlines are canceling flights.

You've seen talk of rationing jet fuel in southern Italy.

The EU broadly, European jet fuel suppliers have basically said that they can't commit to supply jet fuel into May, that probably through April,

This is going to be good.

Like, like there's buffer here.

This is what the inventories are for.

But as we get into May and again, into kind of peak travel season, June and July, that's when these suppliers can no longer guarantee shipments, which means that airlines that are trying to book flights, you know, or trying to plan flights, they're not going to be able to have a bunch of friends that are trying to like plan European vacations.

And they're like, Rory, will we have jet fuel?

Will there be flights to get back?

And I'm like, I, I don't know.

Right.

And you never would have pictured a moment where I'm like, I don't know if Europe would have jet fuel.

That's the kind of situation we're now in right now.

Yeah, absolutely.

Well, it's 9, 10 a.m.

right now.

I'm looking at the oil prices just above $100 a barrel.

And what's your sense of whether that reflects reality or whether these markets are still somewhat delusional or pricing in, OK, we expect Trump to somehow magically resolve this in the next decade?

short period?