So, Joseph, talk to us about what you see as the major drivers behind the oil price now, considering the market is in a way starting to ignore what's going on in Iran.

Yeah, I think the question of availability of oil is not the issue because a lot of oil got out of the Persian Gulf and that oil is out there.

Plus, you know, if you look at China still has great, you know, SBR billion three of barrels.

Reuters had a good article on that today, saying that they haven't really tapped much of it.

So, you know, there is a lot of oil out there today.

The question, of course, is, will the Iranians, you know, and the United States go into a more aggressive fighting? And then will Iran fight? get the Houthis to block the Red Sea, which would mean the two straits would be blocked, and that would be impactful.

For example, in terms of alternative routes, a lot of countries have done that.

So are you more interested in companies that have a nice balance between dividends and share buybacks and paying down debt versus growth? Or are you liking some of the companies pressing on the growth wedge? What's your preference there?

Let's start out by giving a quick, tell us your story and how you got into energy markets and how that led to where you are today.

Yeah, I got into the investment business in the 1970s at an insurance company.

They made me the merchandising consumer products analyst, but nobody was doing energy, and I was fascinated by it, so I kept on looking at it, and I moved my career to the energy sector.

I've been on the buy and sell side of the industry.

At one point, I was chief market strategist of one of the Canadian independent brokerage firms, and I was also, in my past career, chairman of the Canadian Council of Financial Analysts.

In terms of my approach to the energy sector, there's times when you want to invest and there's times it's a trading market versus an investing market.

The investing markets have happened twice in my career before this one.

Can they even get insurance now going in there? Maybe just talk to that for a minute.

Let's start out by giving a quick, tell us your story and how you got into energy markets and how that led to where you are today.

Yeah, I got into the investment business in the 1970s at an insurance company.

They made me the merchandising consumer products analyst, but nobody was doing energy, and I was fascinated by it, so I kept on looking at it, and I moved my career to the energy sector.

I've been on the buy and sell side of the industry.

At one point, I was chief market strategist of one of the Canadian independent brokerage firms, and I was also, in my past career, chairman of the Canadian Council of Financial Analysts.

In terms of my approach to the energy sector, there's times when you want to invest and there's times it's a trading market versus an investing market.

The investing markets have happened twice in my career before this one.

Can they even get insurance now going in there? Maybe just talk to that for a minute.

Mm-hmm.

I don't think the economics are gonna get them a double-digit rate of return.

And if they can't see it after the losses they've taken, you know, building, uh, you know, the Northern Gateway, and, uh, "Oh, it's not gonna happen," or TC taking massive write-offs on Coastal, um, and TMX needing [chuckles] a massive write-off by the federal government before the First Nations will show up and wanna own some.

Uh, I think that, uh, the economics are not gonna be in favor of it.

Uh, uh, and it's either gonna need a lot of government support, which I don't think the industry wants them as a partner.

Uh, but the bottom line is going west the way things are today and with the cost structure and with the whole, uh, uh, you know, process to go forward, uh, I think it's uneconomic.

I think, you know, we gotta be looking at Churchill.

Sure