Traci Alloway

How would that change global oil flows if you had a sort of like U.S.

involvement in that particular area?

If I could ask you to put your sort of macro hat on for a second, if I think about the current world, you know, it seems like one where people are going to be more focused on energy security.

Maybe they're going to be building out their own production capacity, their own stockpiles of oil.

They're probably going to be increasing their defense budgets.

Maybe it's also a world where smaller powers, because of drones, are able to mount, you

create their own choke points in different geographies when i think about that world it strikes me as inherently inflationary does that seem to be the case for you like is there a new term premium that like comes about i guess because of everything that we've just seen in the gulf

See, the thing is, Joe, if you keep talking about Landman, I'm never going to watch it because I'll feel like I know all about it already.

Okay.

Yeah.

So just going back to AI and electrification for a minute, I mentioned in the intro that one of the things that's different to today is the almost complete absence of ESG investing in today's world.

So we used to hear so much about it.

Pre 2020.

And I got the sense, maybe this was a bit of advertising, but you certainly got the sense there was a lot of money flowing into ESG funds for green energy or socially beneficial programs or whatever.

You do not get that sense today.

Is there a possibility, though, that ESG sort of gets rebranded either under an energy security umbrella or under a sort of AI electrification umbrella and we start to see capital flow into it in a meaningful way yet again?

Again, going back to the Strait of Hormuz and your book, I looked up how many times you mentioned the Strait of Hormuz in the prize, and it actually wasn't that much.

It was just four or five times, but then I looked up how many times you mentioned Iran

And it's like 500 times, you know, Iran is really central to the history of oil.

And so you would say the situation is like very central to our thinking about oil.