So what is happening with data centers? And what risk does this pose to the global efforts to scale back carbon emissions?

Katherine, can you comment on that? Sure.

I think the key word there is that they're new.

They're growing tremendously.

I mean, in the U.S., we have seen flat electricity demand growth or, you know, maybe like 1% a year demand growth for the last 50 years.

And now, thanks to data centers, we're seeing like 6%, 7% a year growth in the demand for electricity.

And so this is just like unheard of and is really transforming the way we think about meeting electricity demand.

So investing time in building those relationships as you're doing the research really kind of, I think, pays off in the ultimate take-up of the proposals.

It's so much more, isn't it?

Yeah, no.

I mean, we tend to think of climate change, global warming associated with higher heat, and that's definitely one big part of it.

But, you know, the El Nino phenomenon also brings flooding in some places, droughts in other places.

And these things can compound on each other if you're a – not very well-to-do farmer in India or Africa, and you experience a flood one year that wipes out your crop, it probably makes you less able to sustain a heat wave that comes the next year.

So there's some important interactions that people like me are just starting to think about and try to measure.

But what other industries are at risk?

What isn't at risk? I mean, one thing that I've studied for U.S.

Catherine, w- what is the best case scenario for a well-enforced price cap against Russia?

Russia?So the price cap was designed, the, the actual sanctions policy was designed with two very distinct goals in mind.

One was, as you say, to reduce Russia's revenues, but the second was to stabilize world oil markets, uh, to, to stabilize pricing.

So as L- Lukasz mentioned, the price cap was enacted in twenty twenty-two when the world was coming out of COVID.

There were all these kind of supply chain disruptions, and w- we were starting to see inflation.

And so it was a real concern that if we took the typical approach to sanctioning a, a big oil producer, which was to cut off their oil supply entirely, that that would spike, spike prices.

I mean, we've seen that with the Strait of Hormuz crisis, where roughly an equivalent amount of oil came off the, the market at roughly ten million barrels a day.

So I'm wondering, what are some ways that sanctioning countries might strengthen the enforcement of the price cap?

Why haven't we actually seen as much demand destruction as one might have theorized?

So I'm not sure what one might have theorized, but what demand destruction is doing right now is helping us balance the market.

So we should be very welcoming to the demand destruction that we are seeing because, as you said, the supply is going away because of the closure of the Strait of Hormuz.

So really what's balancing the market is the demand destruction in partnership with some inventories that are being tapped into and that are coming onto the market right now.

What does that look like?

No, I guess I don't think we'll ever get to those last barrels because the inventories are super valuable.

It's kind of like a rainy day fund.

But the longer the supply shock goes on, the more it's like not a shock.

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Huh

... because the, the inventories are super valuable as kind of like a, a rainy day fund.

But the longer the supply shock goes on, the, the more it's, like, not a shock.