00:00Markets do what markets do. Prices went up to send signals to everyone that can produce more, please produce more.
00:07Prices have not risen high enough yet to drive meaningful demand destruction.
00:12But Americans and energy entrepreneurs around the world are ingenious.
00:17So things are being done.
00:19We've done some pragmatic solutions to take floating barrels that are waiting to unload in China
00:24and help them move into ports in other nations in Asia to go into refineries.
00:30But these are mitigants of a situation that's temporary.
00:35You obviously, as you said, got the IEA framework to release the strategic stocks.
00:41As you look around the world, how fast are they flowing into the market?
00:45United States oil from our stocks started flowing last Friday afternoon.
00:50I saw in the press, they can't do it for three weeks.
00:53It's never been done before.
00:55Oil started to flow out of U.S. stocks last Friday afternoon.
00:59Japan has also moved quickly.
01:01Some nations will move more slowly.
01:03Some nations don't even have oil and gas stocks.
01:07But this is what the IEA was created for.
01:10It was used four years ago to lower gasoline prices to help election results.
01:17That's not what strategic petroleum reserve stocks are for.
01:24It was tried to feel the most significantjanides.
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