Rob Armstrong

The consumer is not quite what the consumer used to be.

So we saw that in the first quarter GDP report that the rate of growth of consumption is slowing.

It's gently kind of returning towards trend.

And in the other scenario in which the war doesn't end and oil prices go up, that's likely to get worse.

I think, by the way, the U.S.

consumer is doing fine right now.

McDonald's earnings, just to grab a consumer company out of the air, were fine.

They saw, you know, real terms sales growth in the United States.

Fifteen percent.

My son, my son accounted for 20 percent of U.S.

McDonald's sales this quarter.

They have like a concierge following him around anytime he gets hungry.

They just put a Big Mac in his hands.

It is true.

But to get to your U.S.

sucking the growth out of the rest of the world, if you are a U.S.

industrial company that uses natural gas as a feedstock, so you make chemicals or you make fertilizer or you make whatever it is you make, you are at a massive competitive advantage to your customers.

peer company in Europe because we got gas coming out of our ears locally here.

You know, we're trying to send it away as fast as we can.

And so that goes directly to your point of the energy shock hitting different regions of the world differently.