 I want to bring up spooky, evil, big oil record profits, I love profits, record profits even better than ordinary profits. Yeah, get your ghost emoji ready, here we go. So you did a show on gas prices, oil prices, I don't recall in the show that you ever really went into oil prices and record profits versus profit margin. Can you dig into that and how maybe you could have record profits but have a lower profit margin than maybe the year prior or in the past and just kind of dive into that for a little bit here. Yeah, I mean, it's important that we differentiate between who we're talking about right because all companies, they do a lot of different things, different activities have different profit margins, have different levels of profit. So let's start from the end of the supply chain. So let's start with the refiners, not the end of the supply chain but from an oil company perspective the end of supply chain. I guess you could start with the guy pump, you know, the place where you pump the gas, but the refiners, I don't think necessarily are having, so here's the thing with the refiners. They have to pay very high prices for the oil that they were fine, because the fundamental price that has gone up is not the refined oil, it's the underlying commodity, it is the oil itself, the oil being pumped out of the ground. That's the price that's gone up and it's gone up because the supply of that has been constrained. So there's a limited supply, lots of demand by people like refiners. So the refiners are paying 120, 110 bucks a gallon for the oil coming into the refinery and then they add, they mark up to that when they sell it to the gas stations. Now, the refiners right now are refining at basically full capacity. So again, there is a constraint, there's a constraint on supply and demand is high. It's higher right now because it's summer season, it's higher right now because we're out of COVID and people are traveling more. So it's much higher than usual than it has been the last couple of years. And yet the refining capacity hasn't increased to a large extent because of not in my backyard, because for environmental reasons, all kinds of stuff like that. The capacity of the refiners, including the fact that they shut down some capacity during COVID. Again, because of the war and fossil fuels, who the hell wants to invest in more capacity? So the fact is that they now have some pricing power. So they can mark up the price of gasoline more than they have been able to in the past. They don't want to mark it up too much because then people will actually not drive and they don't want demand to collapse, but they can jack it up a little bit so that they profit margin. The profit margin is the difference between revenue and expenses divided by, so that's the profit divided by revenue. I think profit margin is profit divided by revenue. So it's a gap between profit. It's probably pretty high right now. I don't know if it's historically high. I don't know if it's a record high, but it's pretty high, even at the refinery level. Just again, you've got a lot of demand, limited supply, opportunity for producers to increase prices. Now, what about the oil that they get? So one step backwards, and it's not just one step because there are multiple steps in delivery, but one step backwards, the oil coming out of the ground. Why is oil at $110 a barrel when it costs to actually take it out of the ground? It costs the Saudis, God, I can't remember the numbers, but something like 10 bucks. So it's Saudi, because the Saudi or feels a shallow, they don't have to frack, fracking is expensive. It's relatively easy for the U.S. I think for frackers in the U.S. Again, these numbers might be wrong, but they're not hugely wrong. It probably costs 40 bucks, 30 bucks, 40 bucks to take the oil out of the ground, right? So you can see that the Saudis are running pretty cool profit margins, right? Cost them 10 bucks to take it out of the ground. They're selling it for $110. They got $100 profit margin. And the frackers are doing pretty well. It costs them 40 bucks to take it out of the ground, let's say, and they're selling it for $110. So they're making a good profit margin. And that's where the historical profits are showing up. All companies who are pumping oil out of the ground, wherever it is around the world, they're selling at a higher rate significantly than what it costs them to get it out of the ground. Again, the reason for that is the fact that we have not significantly increased oil production in the world over the last few years. Indeed, we've seen a shrinkage in the amount of money going to oil production, going to drilling for oil and not investing in equipment and not investing in forming companies. And the reason for that is, why would I invest in drilling a well that will have to be producing for 5, 10 years for me to really make money to justify the investment, right? Because remember, these profits on annual revenue, they don't include the capital expenses that went into drilling the wells, right? That's a separate calculation. So I have to pay back the capital expenses. When your profit margins are high, you can pay back faster. But I'm not going to drill a new well unless I'm convinced that it can pump oil for the next 5, 10 years. But when I have ESG and the President of the United States and pretty much my investors all saying, no more oil. We're going to stop producing oil in the United States. We're not going to let you drill. We're not going to let you do this stuff. I'm not going to invest. So typically what would happen is prices go up. I make a lot of money. I invest in it to drilling more holes. I pump more oil. Supply catches up to demand and prices start dropping. But they're not going to drop now because nobody has an incentive to drill more oil in the free world. And we're kind of boycotting everybody in the unfree world, but of course the unfree world is restrained. Russia's oil shows up in the global markets, but it doesn't have the capital to invest in oil production. The Saudis don't want to invest in oil production because they run a cartel that is basically holding prices high and they can turn it on and off based on their own. So they're not driven by economics. The only entity that can actually increase oil supply in the world significantly is the United States right now. And nobody's interested, right? Other countries could too, right? Europe could start fracking. God forbid, right? Europeans start fracking and actually joining the world supply of carbon fuels, but they won't. We could see fracking in other parts of the world. It's not going to happen because of the environmentalists. So all of this, all companies have historical profits. And the reason for that is environmentalism and the whole, and the cartel, right? I mean, it's OPEC's doing this, right? OPEC could increase the supply of oil tomorrow like that. But it doesn't want to. It likes these high oil prices. The reason Biden is going to go to Saudi Arabia and dance with the princes and grovel and bow and, I don't know, kiss their feet or whatever you need to do is to get them to open the spigot. Because for them, it's just the spigot. Again, oil in Saudi Arabia and generally in that area in the Middle East is very shallow, very easy to get to. And they can produce as much as, so they could lower the price of oil quite a bit in the world markets if they decided they wanted to do that. All right, thank you. Sure. Thank you very much.