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Message: End of week and Princeton.

Yes, it is correct that the EU is bleeding with very high energy prices, and for Ukraine it costs dearly in human lives. Nevertheless, in terms of energy, it will be something positive, because all possibilities are now being opened up. UK, Norway, Denmark all oil and gas fields in Noedsøen start up again and at the beginning of 2023 all fields are up and running, which means that there is no shortage of gas in Northern Europe. It has also been decided to invest 10 times more for new wind farms in the Baltic Sea together with the Baltic States. All in all, it will be an own goal for Russia, which will depend on selling to China and India. My best bet is that we are in a supertrend for commodities, but oil and gas will come under pressure again. Electrification is here to stay, and is necessary to achieve the CO2 reduction. For example, the poor part of the population in India went straight to mobile phone without knowing landline phone. Seeing the same thing happen to many poor countries, they go straight to an EV without knowing traditional cars. Small EVs will become extremely cheap.

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