The Lagging Effects in Oil Markets

Oil markets for the better part of the last 40 years had some very firm things that sort of put a ceiling on crude oil whether it was excess OPEC capacity or demand destruction. That's changed now and I think consumer abilities to withstand higher energy prices at least on an emotional basis are getting stretched so again most of these upside caps are going away. We kind of mistakenly blew through all of our good inventory really fast and really early there is still legs to shale but it's comes incrementally more expensive  and difficult we're not going to add another three to five million barrels a day out of shale that doesn't exist can we add another million barrels yeah.