a lot of factors ... are placing significant pressure on the CURRENT supply of oil TODAY. You are referring to the surplus supply? How do you figure that surpl

a lot of factors ... are placing significant pressure on the CURRENT supply of oil TODAY. You are referring to the surplus supply? How do you figure that surplus supply should push prices up? http://www.engdahl.oilgeopolitics.net/Financial_Tsunami/Oil_Speculation/oil_speculation.HTM http://www.engdahl.oilgeopolitics.net/Financial_Tsunami/Oil_... Compelling evidence also suggests that the oft-cited geopolitical, economic, and natural factors do not explain the recent rise in energy prices can be seen in the actual data on crude oil supply and demand. Although demand has significantly increased over the past few years, so have supplies. Over the past couple of years global crude oil production has increased along with the increases in demand; in fact, during this period global supplies have exceeded demand, according to the US Department of Energy. The US Department of Energy’s Energy Information Administration (EIA) recently forecast that in the next few years global surplus production capacity will continue to grow to between 3 and 5 million barrels per day by 2010, thereby “substantially thickening the surplus capacity cushion.” . http://www.google.com/search?q=%22there+is+no+gas+shortage%22 http://www.google.com/search?q=%22there+is+no+gas+shortage%2... In January of this year, the U.S. used 4% less petroleum than we did a year ago. (Oil demand was down 3.2% in February.) Furthermore, demand has been falling slowly since July of last year. Ronald Bailey of Reason Online has pointed out that worldwide production of oil has risen 2.5% in the first quarter, while worldwide demand has grown by only 2%.