Daniel Yergin

Well, I don't have expertise on that, but I know people like Ben Bernanke, the former head of the Fed, have actually studied that crisis and why you had that slowdown that occurred.

But it was a, you know, the U.S.

went from a

you know, being on a very strong growth trajectory, went into, you know, well, at that time was the deepest recession since the Great Depression.

Of course, we've had deeper recessions since then.

And, you know, it took, you know, it took a decade to get out, it took a decade to dig out of that hole.

was, you know, as your economy becomes bigger, you don't grow at the same rate, but you're growing off a much larger base.

Well, I don't think, it seems to me today, I mean, we'll come to it in terms of AI and electricity, but

I mean, I need to reflect on that, but it doesn't seem to me that the cost of energy is a general constraint on the economy.

It is probably somewhat of a constraint in California because it has the most expensive energy in the country, but that's because of state regulation.

But, you know, all of the big tech...

you know, big tech wasn't born in 1973, it's much more recently that it's happened.

I mean, it is, you know, like the oil industry it's happened pretty quickly actually in this space of time.

And so I don't think, I mean, I think when you have price spikes, when you have disruptions, then that's when you see the costs and those risks are there.

But in general, although when you get into a presidential election, the incumbents always worry about the price of gasoline because it's so sensitive because people pay it.

It's the one price you pay all the time and you see it.

I'd need to think about it more, but I don't think it's a huge constraint.

Now, maybe nuclear energy way back in the 1950s was supposed to be so cheap that you wouldn't meter it.

Too cheap to meter was the phrase.

And, you know, now there's the, you know, fusion, which seemed to be 50 years away is now maybe 10 years away.