Transcription:
Conway Gittens: Helium and natural gas are part of the world's energy supply. So I'm wondering, what kind of relationship do you expect between the United States and, say, OPEC over the next four years?
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Will Gray: That's a great question. I think we have, well, we have a crystal ball: We've seen President Trump, obviously, with a previous administration work with OPEC quite diligently to control prices. I think now, since the previous Trump administration, I think there's been a really strong shift by shale drillers to really understand that, hey, let's extract the cash flow. Let's not take advantage of additional leverage. Much of the prime acreage within the Permian Basin is declining. Then we have to go to what they call surface level two. Therefore, tier two surface typically needs a slightly higher price to justify the economics of drilling those wells. So I think there's obviously going to be a delicate balance between the Trump administration working with OPEC, specifically with China, with India and some of the larger emerging markets that depend on hydrocarbons. At the end of the day, that's why our… that's why the world is where we are. It is cheap energy. And if we can do it sustainably and responsibly, I mean that's what we have to do. And I think the incoming administration will just focus on that and make it more efficient and more dynamic.
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