The energy crisis actually started in the spring of 2021 when by today's comparison, relatively cheap natural gas prices. Back then expensive natural gas in Europe caused the Europeans to pause and not fill their storage tanks at the speed with which they needed to prepare for winter. And it's lost on people now, but the price ofnatural gas in Europe spiked to unthinkable levels long before Vladimir Putin overplayed his hand and moved across the border in Ukraine. We believe he miscalculated, but we also believe he would not have moved on Ukraine had Europe not already been involved in an energy crisis.

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