Daniel Yergin

I think in terms of actual participants in the market, particularly the CEOs of the companies on the interviews that I did on stage, platform, they were all feeling that there was a real dislocation, a real scramble.

They'd worried about getting their employees to safety, worried about the safety of their colleagues, their facilities, and then just how these markets are going to be supplied and what would be the demand destruction, what would happen to price.

So they were very concerned with the logistics of

you know, of having lost the biggest supply of oil that had ever happened in history.

And by the way, it was not oil, but also natural gas, which people have focused on, because I think there was less awareness of how significant it was in terms of LNG.

And then I think the eye-opener that maybe all these scenarios that people had been doing for the years about the closure of the Strait of Hormuz

People had not thought about fertilizer.

They had not thought about petrochemicals.

They had not thought about sulfur.

They had not thought about helium, which the semiconductor industry in Taiwan desperately needs.

And so actually, one of the other things that came out of this was the recognition of how the Gulf countries, Saudi Arabia, had become much more integrated into the world economy.

And by the way, there were also exporters of one other extremely valuable commodity called money with the size of their reserves.

Well, yeah, well, I think it is because the futures price is responding to so many forces there.

And people investing in futures, a lot of them, they don't have to worry about supplying a customer.

They don't have to worry about how do we get jet fuel to ensure that the airplanes keep flying.

And as you know, in Asia, flights have been canceled.

In India, you know, restaurants were closed because they use LPG for cooking and they didn't have enough cooking LPG for that.

So

For Asia, it was a real shortage situation.

And I think that's what, if you have a global perspective, that's what you were coping with.