Carol Roth

So even though we have this theoretically proprietary oil supply, the pricing happens on a global basis.

And so somebody who's over, let's say, in Asia, if the oil in their region, let's say, is $30 higher than what it is here, and it costs them like $7 a barrel to transport it,

they're still going to be better off.

There's a $23 difference between that $30 and the extra to transport it.

So that means they're going to bid up the lower prices and you're going to close the gap due to financial arbitrage.

So basically, if you think about it, the price is global.

The refinery needs are very specific.

And who loses on both sides of that?

The consumer.

But you'd still have the mismatch, so it still wouldn't work out anyway.

Yeah, so that's true today.

If you are a seasoned oil professional, just like a professional in any other industry, you're going to make your long-term investments

based on long-term decisions, not based on a crisis situation.

You want to look at the long-term trends.

And things have shifted a lot in the last 15 years in terms of capital discipline, the desire for cash returns, focuses on balance sheets.

So the reward comes from that discipline, not growth at any cost.

So before you may have seen kind of that wildcat mindset, like let's just go drill everywhere.

Right now, the powers that be, the investors, the management, they're trying to drive their gains through efficiency and technology instead of just having a drilling frenzy.

So there has been this shift.

And so they're going to take a long term view on this.