Traci Alloway

building out that new energy supply?

So should it be the tech companies themselves or someone else, given it's a strategic technology?

What are you hearing on the ground?

Well, actually, on this note, I wanted to ask you about renewables and, you know, the green energy transition and all of that.

It feels like in some parts of the world, recent events in the Gulf have maybe hastened some of that transition.

Although I can't even call it a transition because as we discussed with Alex Turnbull, it's like, yes, people are buying a bunch more EVs, but those EVs are going to be powered by coal for, you know, the foreseeable future because there's an energy shortage.

What exactly is going on with renewables now?

Are people still seeing that as a substitute for traditional energy, or is this more of an addition to bolster, I guess, diversification?

I just want to go back to the situation in the Strait of Hormuz directly for a few minutes.

So you mentioned initially that this was something that people thought would never happen because the stakes were so high.

Right.

So, I mean, this is the surprising thing.

Like, it actually happened despite the stakes being so high and, you know, despite the world relying on the Strait for 20 percent of its oil and gas.

What's your take on, like, why this particular moment?

Like, what are the conditions that allowed the closure of the Strait of Hormuz?

Do you see the possibility or I guess in what sense would this particular eventuality like change oil routes and markets?

But if the U.S.

maintains some sort of control or input in the strait collecting a toll maybe alongside Iran at some, you know, at one point I think Trump was talking about this being on the table.

Right.

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