Christopher Smart

Christopher Smart on Bloomberg's balance of power.

You're seeing a variety of things, as markets always do, responding to high oil prices.

You're seeing oil coming out through pipelines from the Gulf.

You're also seeing a big response on the part of other producers in the U.S., in Mexico, in Kazakhstan, in Brazil.

We're not headed for some big cataclysmic

crash right now.

There will be a lot more pain ahead, but a lot of what you're seeing right now is the world adjusting.