Norman: Well, from one standpoint, there are some hedgers who say it creates a market distortion, and it makes it harder for them to hedge. Because they look at fundamentals. And prices might be rising to a degree that’s not justified by the fundamentals. And they might be a short hedge. And they're having to put up margin. And the market’s basically distorted. At least that’s their argument.

Woods: Well, it is their argument. But that’s what makes our market so nice. It’s just that you have two different points of view. So, if you can't agree on something, you’re going to say, “All right, you're going to be the buyer. I’m going to be the seller.” And you know what? It’s not going to be a perfect world. You're going to knock it out of the park one day and so am I.

Norman: Let’s talk a little bit about alternative energy, the moves into cleaner energy that don’t contribute to carbon emissions, etc. It’s still very much in its infancy. But it seems to be gaining momentum. How much of an impact do you think – obviously, medium to long term – it’s going to have? Because oil, petroleum … it’s been our primary source of energy – at least for transportation – for the last 100-plus years.

Woods: Well, until they actually make it easy for you and I to use, just as regular citizens, it’s so far down the road, honestly.

Norman: More than 10 years, you would say?

Woods: I would say easily more than 10 years.

Norman: Even with all the electric ... you see a lot of electric cars.

Woods: You do. But, you don’t see them going down the New Jersey Turnpike with a semi behind them. You’ve got to get practical about it. I mean, you talk about wind as being an energy source. How long have we been talking about that? That’s been over 20-some-odd years. Electrical would be great. But, you know what? It just isn't there. If it were, you and I would be driving SUVs that are electric. So ...

Norman: I like to ... when I step down on the gas pedal or the electric pedal, I’d like to ...

Woods: I don’t want to look behind me and see some big truck bearing down on me, and I’m thinking I’m saving the planet, but I’m just about ...

Norman: ... about to get rolled over.

Woods: Yeah.

Norman: All right, folks. Well John, thanks very much for stopping by. That’s it for this interview, folks. And I hope to see you back here again. This is Mike Norman, signing off, for HardAssetsInvestor.com. Take care.