00:00We saw the latest GDP growth figures for the United States for Q1.
00:03I mean, they look all right, don't they?
00:04I mean, 2% sounds good, but that factors in January and February when there wasn't a war.
00:10Only March takes into account the war.
00:13And there's a lag factor as well at work here, isn't there?
00:15So, I mean, by the time the midterms come around in November,
00:19aren't some of those headline figures still going to carry some of the effects of the war,
00:23even if the war ended tomorrow?
00:24We'll see.
00:25I mean, look, if we could get the Strait of Hormuz open and we can get the oil flows back
00:30to where they were,
00:31which is possible by early summer, then by the end of the summer,
00:35people are going to feel a lot better about things.
00:37Look, I really think it's a healthy economy if we can get that oil price down.
00:42And look, it's affecting all countries.
00:44So who knows what's – I'm not an expert on what's happening there in the Middle East.
00:48But the president feels very confident that we're going to be able to see the oil supply chain fixed.
00:56Now, it's important for people to realize the United States is the leading oil and gas producer in the world,
01:01and we're an exporter.
01:02So we're not getting hit as hard by this as we would be if we were producing less energy.
01:08And Trump's strategy is just to keep producing as much energy here at home as possible.
01:13We call that drill, baby, drill.
01:15And that's a very effective strategy, but it's hard to make up for that lost output in the Middle East.
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