Rob Armstrong

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.

And, you know, America is just lucky that we discovered that we're basically floating on a huge pool of natural gas in this country, or at least in Texas and Pennsylvania we are.

So that's something really compelling.

But look, to your point, we're not going to grow earnings at 20 plus percent forever.

This is a blip.

You know what I mean?

And there is, to Robin's point, there is a moment.

If we don't get, there is going to be a moment, if we don't get the Strait of Hormuz open, where inventories simply run dry in the world.

Right.

You know, Malcolm Moore did a great piece about this for us a couple of days ago.

We are drawing down inventories still.

And at some point, maybe it's in September, as one street energy analyst said it was sometime in September.

inventories would go as low as they can go.

And so the only flexibility left in the system is demand destruction at that point.

You just have to use less of the stuff.

And we are seeing some demand destruction in energy in Asia right now, some in Europe, none in the United States.