This is Intelligence Matters with former acting director of the CIA, Michael Morel,

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And it turns out Russia was a very important player as a source of refined products.

It provided a lot of diesel fuel and other fuels like that in Europe.

And so if half of Russia's product exports shrink, that tightens the whole system.

And so, you know, refining is very tight.

And, you know, we're still at that period where I can tell you that in Washington and in Houston,

a lot of concern, if you have a hurricane that comes along and knocks out a refinery or two,

then we're back in a really difficult situation in terms of gasoline supply.

Dan Yurgen is a world-recognized expert on energy.

He has a Pulitzer Prize-winning author and a frequent commentator on global energy issues.

He joins me today to talk about what is happening in energy markets and where they might be headed in the months ahead.

We'll be right back with that discussion after a word from our sponsor.

I'm Michael Morel, and this is Intelligence Matters.

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