Nothing like biting the hand that feeds you a huge amount of your energy. Energy is the direct result of growth GDP for a country and EU just demolished theirs. It's going to take some serious effort for them to start building. However even though times are hard now I think it's a big wake up call for countries to be a little more self sufficient themselves.
Heading into lockdown we already saw years of slowing growth around the world and a falling GDP. There is no reason things should have exploded value wise during a time when the world was locked down. Those actions mean we pay the price now instead of then. Actions in government always seem to take 1-2 years to show their effect.
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Well a massive drop in global GDP like happened in Q2 2020 is bound to end up elsewhere as people resume spending. So the 2021 numbers were really an adjustment.
The numbers we saw towards the end of 2021 and even through today include a lot of inventory buildup.
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