Traci Alloway

Really appreciate it.

Okay.

The caveat is right up front.

But I guess if we go back to early March, I would just love to get a sense of what you were thinking as you saw some of these headlines about the Strait of Hormuz being closed.

Because for anyone who's read the book, I mean, the closure of the Strait of Hormuz is bizarre.

basically kind of the nightmare scenario, which has been looming in a lot of energy analysts' minds for a very long time.

And here you were seeing it actually happen.

What was going through your head?

No, you used to say like second cousin removed of all price spikes.

So I'm glad you mentioned Sierra Week, and this is also one of the reasons we wanted to talk to you.

So Sierra Week, which is the sort of annual energy industry gathering in Houston, right, every year, that took place in sort of mid to late March, smack dab in the middle of all of these very changing headlines, which we've been discussing.

What was the mood like over there when you were talking to, you know, actual participants in the markets?

Well, I'm glad you just listed a bunch of odd lots episodes, basically.

So I feel like we've ticked each of those boxes in separate episodes, including Gulf Capital.

So that's good.

But just going back to Joe's question, like, do you have a framework in your mind to explain why the physical market and the actual CEOs of energy companies are freaking out versus what's going on with the futures price or what's going on?

So what were people saying on that front?

So, you know, we've had episodes of the show where we've talked about maybe overcapacity when it comes to building out energy for data centers.

There are still plenty of people out there who think that the energy demands are just going to be so enormous that we're always going to be playing catch up.

There's a debate over who should bear responsibility for building