Dan Caplinger

So, that's why we look at price.

I think it's too early to conclude that because you often will see these markets see major disruptions.

They'll see major moves in one direction or another.

They're very responsive to current events.

You'll see $5, $10 barrel moves in a single day based on, okay, there was an attack, there was damage to a major facility, or there was progress in negotiations, there was some sort of deal.

starting to get European countries involved with that.

Oil is fungible.

It doesn't matter.

Iran could say, we're never going to send oil to the U.S.

again.

But if it just continues to provide, if it opens markets back up, if it starts selling oil to European countries, to Asia Pacific countries back at their normal regular volumes, then the global markets are fine.

It's just a matter of allocating what's in the global market between the U.S.

and other providers.

To me, it's too early to conclude that the futures market is right and all of the technical experts are wrong.

Like Lou said, there's some financial wrangling going on with the futures markets.

It doesn't always reflect what's actually happening in the physical world, what's happening at the individual oil well level, at the pipeline level, at the tanker level.

You have to look at all of that.

Let's take a step back because I think it helps answer this question.

We talk about a lot that the U.S.

is a net exporter.