"Thank you so much for your commentary and analysis, you’ve...

"Thank you so much for your commentary and analysis, you’ve helped me and my family more than you could know in these difficult times.
I would like to get your thoughts on the potential for State intervention in some form or another. Given the seriousness of the situation for households and industry generally, will this provide Governments around the world with the excuse they need to regulate or tax the oil and gas sectors more aggressively. I understand this will be catastrophic to new investment in oil, nevertheless this has the potential to blindside us shareholders in an environment which is clearly and overwhelmingly positive for the energy producers. Have you given this any thought?"

Because I have a very significant investment in the energy space - not just oil & gas, but also coal stocks and more recently, specifically North American natural gas producers - I have indeed given a great deal of thought to the prospect of "windfall taxes" or other forms of state intervention in market mechanisms.

In summary, I am invested in these energy stocks, not despite the prospect of state intervention, but probably almost because of it.... given the combination of unprecedented circumstances facing global energy markets and general government incompetence (which led to those unprecedented circumstances to begin with).

But out of deference to BHP shareholders, for whom this is probably only partially relevant, I'll explain my thinking on the WDS threads.

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