Carol Roth

Obviously, if this is something that, you know, God forbid, you see a lot of oil infrastructure that's damaged around the world and things shift substantially.

Over time, I think that that calculus will come into play.

But, you know, again, we've watched Landman, so it looks very easy there.

We're just going to go out and wildcat and get it done.

But in reality, you know, they're really running the numbers, being disciplined and focusing on, you know, cash capital discipline and balance sheet control.

Yes, it would be very bad for everyone.

And I read Neil Ferguson's piece as well.

And I thought that he made some very interesting points that are true and that increases the possibility of a recession, but doesn't necessarily make it probable.

So I think that he's right.

Energy shocks obviously matter.

They ripple through households.

They create issues with costs for food, industrial costs.

They influence how central banks react.

If you look back historically, as he points out, in many recessions, they have been an underpinning factor.

I think that the one area where I would take issue and I would say, like you said, Niall Ferguson is brilliant.

He is a historian, but I don't think he is an economic historian.

And so he's got his toolkit that he's showing off, but where he may not be as well versed.

is in what fiscally the U.S.

looked like in the time periods he was looking at, like the 1970s versus today.

And the U.S.