So maybe for the listener, what is the super vol call and how is that thesis different from

the super spike call? I think it's different in one really important way, which is that 2004 to 2014 cycle was demand was surprising massively to the upside.

And then we didn't know where supply was going to come from.

And that was the whole notion of needing a super cycle to resolve that.

That's not what we're seeing right now.

So on the one hand, I think, you know, Trevor, we push back hard on the net zero dot energy transition mindset, right? that says we're gonna have peak oil demand by 2025 and 2030 or some year like that.

We don't think any of that is true.

How does Arjun see the geopolitics of energy evolving in the next five years? What should individuals, investors, and companies be doing to prepare for this evolution? I

I was curious, how do you see the policy stance in Europe, which is, I would say, clearly different from your own policy stance? And how do you see that affecting energy companies and consumers in Europe relative to the U.S.?

I am in the English countryside, and there is a fan in the background because apparently air conditioning has not been invented in Europe yet.

So it's manageable, though I am missing American AC for sure.

But on a serious note, I do think European energy policy has generally been very misguided, certainly at the national level.

I think in the name of climate, in the name of addressing carbon emissions, all they've done is ruined their industrial manufacturing base, which has reduced jobs, taxes, and revenues, and has led to actually higher carbon emissions because most of those jobs have shifted to places like China, which has the worst carbon emissions profile than does any European country.

So I would say this, since I haven't explicitly addressed it, For the people who care, who have put a higher priority than perhaps I do on dealing with carbon emissions and the risks of climate change, which I take seriously, I just don't prioritize it as my top risk.

I'm probably closer to Chris Wright or Roger Pilkey in how I think about these things.

Now that we've reached the middle of 2026, what are some of the key themes that you'll be watching in the second half of the year?

And so basically taking the industry to task and how would Lee Raymond be responding if at all in the midst of all this? I mean, I say the

first point is always at the presidential administration level.

Right.

The risk of energy ignorance, the risk of bad energy policy, that is sadly bipartisan.

It is not a question that the rhetoric from Democrats or the policies they may do is somehow going to be worse than what could come from the Republican side.

I think both sides have the chance.

at a point of stress to do actions that don't make sense.

I don't know if that can be salvaged for a lot of other reasons that are beyond the scope of this conversation, but I'll ask you kind of what's next in the short term and in the long term.

And hence the need to try to get some symmetry between the three countries that make up North America.

JJ, I wanna extenuate these points, 'cause Greg has hit the nail on the head in terms of kind of what I have always found sort of most upsetting or wish could change most about the COP process and how it's often interpreted in the United States and Ca- and Canada's such a great example where there's only, I wanna say, 40 or 45 million people, and this fact that the oil and gas production in Canada and the emissions from there are treated the same as Canada's local demand for gasoline and petroleum products.

And I think if environmental or climate-oriented people could differentiate these things and say, "What are all the things you can do on the demand side to increasingly become more efficient, less carbon intensive on your energy demand?" I would differentiate that-...

from oil and gas production, and I cannot, for the life of me, understand why the United States, Canada, and Western Europe would spend all this energy trying to keep it in the ground in their own countries, and yell at companies in their own countries to not produce.

Canada actually has strict environmental and labor standards, so if you work in the Canadian oil field, you're going to be significantly better protected than if you're working in Siberia or Middle East or other parts of the world as an example.

Canada also has strict environmental standards against flaring, against venting, all these kind of things that ensure the carbon intensity of that production is going to be as good as possible.

Um, and I think Canada is specifically a country that should be looking to maximize, because in the absence of Canadian production, in the absence of American production, if you were to keep it in the ground, it simply means more production from various Middle Eastern countries and Russia, and we can all have views on whether that's good, bad, or indifferent.

So, I think as we look at technology, that's an amazing ability to underwrite our social license, which we hold near and dear to us, and I think we have to.