Malcolm Moore

Um...

What a question.

This is not the time for days off.

Well, I think I recall the last time I came on the show, I said that the energy market was, I think, tearing its hair out or exploding in some sort of confusion at the fact the rest of the world wasn't paying enough attention.

I mean…

Wherever we were last time, whichever bit of hyperbole we were at, we're further along that curve now.

Cool.

So, yes, I mean, it's worth saying there are two types of reserves, right?

So companies have a lot of reserves.

They have three billion barrels more or less of oil in reserve.

But it's not – I mean, we call them reserves.

They're not really reserves necessarily.

This is basically what the system, a lot of it, I mean, obviously there's a margin, but a lot of it is what the system needs to operate, right?

So pipelines, in order to work, they have to have oil in them, right?

And refineries, in order to make gasoline, they need to have crude oil waiting to be turned into gasoline.

So all of this stuff is just, you know, it's...

It's working capital.

It's not a stockpile.

It's just what you need to do your business.

And they're companies, right?