Joe Wiesenthal

They're highly exposed to it.

Is it hitting now?

Is the economic destruction already taking place?

Talk to us about, I guess, on the ground, figuratively and literally, what are some of the ripple effects that we're seeing?

Who's not getting energy?

Because, all right, if there are some entities that are almost going to be price completely price insensitive, they have to keep the lights on.

They they're going to just pay whatever.

And so you get these huge short term spot prices.

But volume is volume.

And so who is actually being forced to turn off the lights or not run a refinery or whatever because they're getting outbid?

If there are fewer molecules, there are fewer molecules.

So in those situations, basically, where Tracy mentioned a refiner might be actually operating at negative margin, that's in an environment in which the retail price of fuel is not liberalized.

The government sets the price of fuel or sets some band or something like that, and the refiners just have to keep operating until the next time that band is changed.

Yes.

Okay, got it.

So what are you seeing?

Let's talk about

Right now, what's happening with US LNG?

Is it all being taken up by Europe?

Is Asia trying to get in on the action or bidding for cargoes?