Dan Pickering

15 million barrels a day isn't easy to offset anywhere.

That's the total production of the United States, and we're the biggest producer in the world.

There is no easy fix anywhere.

Demand growth a decade ago was running at about half a percent per year.

Demand growth a decade ago was running at about half a percent per year.

In the last three or four years, it's ticked up to around 1.5% per year.

In the last three or four years, it's ticked up to around 1.5% per year.