Tim Duy has a question:
Supply and Demand, by Tim Duy: I caught this via Brad Plummer:
Am I the only one who finds this kind of chart uncomfortable? Because it seems to say that quantity demanded is consistently higher than quantity supplied, which could only be maintained via a perpetual inventory drain on the order of what looks to be a couple of million barrels a day. I don't think that's happening. If production is really at the levels indicated in this chart, what stops prices from rising and collapsing quantity demanded down to quantity supply?
What am I missing?