It's not about just Iran

[Melon]

13. China will continue to buy oil.

Oil is a commodity. But the impression here and by much of the press is that it’s flat. That’s not the case. China buys a massive amount of oil but will effectively lose a 15-20% subsidy. This is passed all the way through their manufacturing. It’s huge.

China is effectively getting boxed in. China does produce good batteries. I’ve met with professors working on battery technology for BYD. But understand that Tesla has good technology and others including Korea. Battery technology is advancing. The chemicals we sold for use by BYD into their batteries are derived from petroleum or NG.

The US won’t go back to coal. It’s not possible. You can bring a few power plants online, but new construction plants are designed for 30 years. It’s not coal. Once we moved away from coal the infrastructure was put to other uses.