In short: Private — the example of gas-cycle fragility: when an export facility like Freeport LNG goes down for months, US storage fills and prices slump, one reason gas never scaled as a royalty platform.
35:32You've also had LNG facilities go down where the US doesn't have adequate storage. So if Freeport LNG goes down, you don't have export for a few months, all of a sudden storage tanks are full. And then lastly, it's a much more fragmented market. So there's a large liquid market, both public and private.
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