Daniel Yergin

Well, no, I think that that was a period and that was a period up till about 2017 when it was growth for growth's sake.

And then basically the financial community said, hey, guys, the party's over.

I'm not going to reward you for growth.

I'm going to reward you for sending money back on my investment.

And so I think, you know, in a sense, shale is almost a mature industry.

And I think people don't understand how transformative it's been.

I mean, the United States was the world's largest importer of oil.

We were only producing 5 million barrels a day of oil in 2008.

Now we're 13.2 million barrels a day.

The U.S.

is energy independent.

People thought it was a big joke.

It could never be energy independent.

It was every president said, we want energy independence.

And it was like, you know, the late night comedians could make fun of it.

Actually, it's happened.

And it's had huge economic impact.

Back in like 2008, the US was spending like $400 billion a year to import oil, basically spend nothing to import oil.

And it's been geopolitically very significant.

And I think that's been a learning experience for the Biden administration, because it turns out that if it wasn't for shale gas made into what's called LNG, liquefied natural gas, shipped to Europe,