been the US shell revolution. I wrote a book about it back in 2012. The book was called Two Different for Confort. And, you know, as I look at it, you know, the US went from producing five million barrels a day to 13 million barrels a day. It basically added one Saudi Arabia. And as it did, it made for a stronger dollar. It made for lower inflation in the US, which allowed the Fed to keep monetary policy much too easy for far too long, allowed for a massive re-rating of the US, et cetera. And amidst all the talk of US exceptionalism, for me, that's the part that people don't focus enough on. Now, this is where it gets fascinating is the US in the past decade has gone from five million to 13 million barrels per day. The big question for me is where do we go from here? Does the US basically keep the massive comparative advantage it has built in energy? And if it does, then happy days for the US economy, happy days for US markets, happy days for US policymakers, or is this, this massive (10/42)
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