00:00I don't know, Michael, if you've seen that letter that was revealed by Politico on Europe,
00:04that Europeans should consider travelling less to avoid energy shortages,
00:08a recommendation by the EU energy chief.
00:11We've been tracking the shortages through Asia, individual markets,
00:14and I know you've been doing the same thing. I've been reading your research.
00:17Where are we with that, and when does that arrive on the shores of Europe?
00:21Well, I'll just give you one example.
00:23So the final vessel carrying jet fuel into the United Kingdom is going to get here in 48 hours,
00:30and there's no more after that.
00:32So Asia's already feeling the crunch.
00:35You've heard Spain and other countries lifting excise duties on gasoline and diesel.
00:41So it's starting to come here now.
00:43Michael, I'm going to use the word panic, and you can push back if you like,
00:46but this is relatively speaking.
00:47Do you sense that there's more panic in your asset class
00:50because of the things that you're following more closely
00:52than maybe you're witnessing and feeling in other departments,
00:55other asset classes elsewhere?
00:59Yes, actually, short answer is yes.
01:01The equity markets, guys, don't seem to be overly concerned about this right now.
01:05I've been warning them that once you start hearing more and more stories
01:09about the fragility of some economies and huge demand destruction,
01:14because it's not so much that people can't afford to buy the energy,
01:18they can't get it.
01:19I think you're going to see a lot more spillover.
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