Richard Miniter

Just the drawn out process.

And Congress, which could write a law tomorrow and pass it speedily through reconciliation, which there's an enormous reconciliation package that could attach it to, it has no real desire to do anything dramatic right there.

So world food prices will continue to remain high because fertilizer prices will remain high, plus energy prices will remain high.

And any downward adjustment would take, at best case scenario, a year and a half.

But look at what else is also happening.

The Israelis are starting to think about how the Gaza port could be restored and how pipelines could come to Gaza, crossing Israeli territory from Iraq through Syria, up from the Gulf through Kuwait, Iraq, Syria, and then down, and then be exported to the world out of the port of Gaza.

Again, that's years away, but that is a fundamental rerouting

uh i had lunch with a senior executive uh from dubai ports world which is the largest port operator in the world and they're based as the name implies in the uae and obviously they're suffering greatly uh from not being able to move any real traffic through the gulf uh the port of the strait of hermuz but they're ramping up their port activity elsewhere so the world economy will adjust

Will it adjust this year?

No, there's just no way that it could adjust that quickly.

And people have to propose plans.

Those plans have to be get investment behind them.

They have to get the regulators approval.

Then you actually have to build the things necessary.

Right.

So if you want to solve the oil crisis this year, we have to start by admitting that a major cause of this beyond the Iranians is the Europeans.

their net zero, their unwillingness to drill for gas and oil in the mainland of the Netherlands, which they've had some of the largest gas fields in the world.

They're shutting those down.

The North Sea developments are coming down.

The EU regulations that prevent fracking in Poland and in the Czech Republic, the unwillingness of the Brits to dig coal.