Daniel Yergin

And at least it will take probably, if peace breaks out, maybe a couple of months before the oil markets are back in position.

Because remember, the last tankers had already left and had docked from before the war.

Inventories have been run down.

And that captains have to be sure and their crews have to be willing to go through that.

the Gulf.

And so it's a couple of months before the oil market starts to get back into balance.

And then I know one of the CEOs said that if you look at the overall disruption, including petrochemicals and everything and the destruction of refineries, it might be as much as two-thirds of a year before things are really cleared up and back to normal.

So there's no light switch here.

And so that will be reflected in prices.

Well, I think that's a very reasonable expectation.

And I think we'll see even the tech companies still have their net zero objective.

So they may be using gas, but then they'll be looking to invest in renewables as well to show that they're net zero.

So one of the things that we've got to get used to in the United States is to have these 180 degree swings from one administration to another.

And I do see that people, one way that people kind of invest in energy but still maybe have ESG in the back of their mind or concerned about it, you're rebranded as infrastructure.

And then you're not investing in energy, you're investing in infrastructure.

And infrastructure is generally considered a very good thing to invest in as long as you get a return.

Oh, there is much additional capacity in process that will, gutter has a very big expansion plan, but we'll see the US coming on with it.

If we had been having this call, you know, if we're in January, of course, and looking out on

2026, the big concern would be, is there going to be too much LNG capacity and market?

But there is a concern, too, about demand destruction.