I Don't Like the Terms Super Cycle

The core economic outlook is different. I actually think we're tighter on the supply side than we were then, meaning you are completely out of OPEC's bare capacity. Now it's definitively true, including being admitted by some of the leading OPEC countries. There is zero appetite for CapEx. Back in the 2000s, you had the kind of normal supply response network. You're going from brownfield to greenfield. So from a one year supply response to five to seven years plus. But at least you had people trying to spend money. And that was my point on returns on capital peaking well before the broader cycle peak. This time around for a variety of reasons, companies are returning