Daniel Yergin

Well, thank you.

And as you said, it could not be more timely, but things do change very quickly.

Yes.

Well, it was that, in fact, the nightmare scenario that had been not only for energy but for strategic planners for decades had happened.

I think it's one of those things that people looked at as a scenario but thought it would never happen.

But then it happened, and it does change the world, and it changes the way people think about energy.

We've had supply chain shocks, but this was the mother of all supply chain shocks in terms of the closure of the Strait of Hormuz.

Yeah, the second cousin removed.

I mean, it was like- Remember, we had two different prices going at the same time.

We had the Brent, the futures price,

Which was always saying, well, this is going to end and prices are going to come down.

And then there was the dated Brent, the near term, which said, we are having a major dislocation and prices are really going up.

And we'd never seen that dislocation on that scale before.

It was like two different visions of the world almost.

Well, I did think that there was a difference between how the financial markets, which were processing things like statements by the president, statements from Iran and so forth, looking at the future and the way the physical market, the industry market.

And at Sierra Week, I remember one of the CEOs said in one of the dialogues that risk has been underpriced in the market because I think from the industry point of view, they saw the

There are major dislocations, and those dislocations are playing out unevenly across the world.

Asia hit the hardest, Europe feeling it, and then the U.S.

mainly seeing it in terms of rising prices at the gasoline pump, but no problem getting supplies.

But in Asia, a big problem getting supplies.