What's the Impact of the European Energy Crisis on Commodities?

The European energy crisis has many impacts on other commodities and, for example, high natural gas prices are leading to higher coal prices. I think part of one of the ironic things we've seen this year is how weak gasoline demand may have been in the United States. The challenge that we all have is figuring out what the demand response functions are when you've never seen prices in this neighborhood. It's sad to say, but as Europe goes, we may end up with its own independent energy markets.