Reply #22: Global production = 84MM bbl/day; global demand = c. 83MM bbl/day... [View All]

according to the latest figures I've seen. Not much headroom there to increase production enough to drive prices down very far.

Also, both production and demand have INCREASED by twenty million barrels a day (from levels around 65MM bbl/day in 1995) over the past decade...but there's not much room to increase production any further, because the oilfield capacity just isn't there (but unfortunately demand is not lessening any time soon). Anyone who thinks increased demand is a "myth" obviously has no idea what the hell he's talking about.

And Americans still pay approximately 50-60% of the world average price for a gallon of gasoline. Which is not that bad, you know...and, shocking as it may be to think, Americans actually DON'T have some sort of god-given right to cheap fuel.