Discussion on Strait of Hormuz Investment

I was wondering if you could explain your changing thinking on the Strait of Hormuz,

applying a 20 fee. How did you get to the decision you just announced?

Yeah, so when I put that out yesterday, because we've been doing that for many,

many years, it was never fair to me that we would be guarding the Strait when we

basically don't take any — we don't need the oil at all.

And it wasn't important for us, but it was important for allies,

it was important for people that we get along with very well, including the major

Gulf state countries.

So I put it out yesterday. I thought it was good.

I was called by different people, different countries,

kings and emirs and all of the people that

we all know and we all love, and they've been — frankly, they've been very strong

partners. And they said, we'd love to do it a different way.

We'd love to invest in the United States with billions and billions of dollars and

continue our record setting, because we would — there's never

been a time like this with the United States, with the factories, with the

plants, with everything else. And we would like to invest tremendously in

the United States, as opposed to charging a fee.

And I like that, actually,

because I don't think anybody should be able to charge a fee for the — for

the strait or for any other

strait relationship in terms of other sections of the world.

I don't think anybody should be really in that position.

But we were doing it as a reimbursement.

The Gulf states are going to

invest a tremendous amount of money into the United States,

and that was very satisfactory to me.

I think it's actually much better.