wants to be very forward-leaning.

Obviously, Qatar has an issue, UAE to a degree, Dubai, all of that, but really the Saudis. And they're different. People understand they've got like 23 million people. I mean, it's kind of a real country, not just a Gulf Emirate. At 40 and 50, you know, Trump is full-spectrum energy dominance. The boils of 55, he wants to get the oil at 40. All these other guys,

they want the, they want the oil at 100. So our allies have a perverse incentive to say,

yeah, we can't do this. Yeah, Lloyd's in London is not going to, not going to insure us.

We're going to, the Saudis, you you know shut down or shut in as you said

that big refinery they there's a perverse incentive now they do need cash at some point in time

but it's a perverse incentive here for them to finally get it up over 100 bucks which in the age of

Trump it was the exact opposite Trump's full spectrum energy dominance was driving the price of oil down to something with a forehandle.

How about this, Stephen? In term one, on your term, he got it with his negative 20 handle. In other words, people would produce oil and pay anyone to store the oil for him to the tune of $20 negative a barrel under Trump.

Never happened before.

Here's why, because the longer and higher you get the oil price in the conflict comes up really fast.

Everyone jacks up the prices really fast.

And as soon as it's all clear, they can slowly, slowly let that go down.

And in the meantime, that profit margin is massive.

Back when I was really early in my career,

Middle Eastern countries could pull oil out of the ground

for about $5 a barrel.

Now it's probably around $20 a barrel.

So everything above $20 a barrel is a

lifting cost.

Lifting is profit.

So when it goes to 120 or 150, they've got a massive amount of money. That's why they can hold off right now. They eat it right now, but they're certainly going to make it on the backside.

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