volatility, how tight the trading ban was. And I remember writing pieces, because oil prices went up almost to 115 before they started cratering downwards. And I just said, well, that really doesn't seem justified. Now, I was expecting a correction. Was I expecting it to go to 50 or below? No. What was the peak, 147 in 2008? 147, 148 in 2008. And then it got up to a little Brent crude. And at that point, before this structural change, at that point WTI had periods where it was actually more pricey than Brent. So I said earlier, the US production story was an important one. The other side is, of course, the demand was growing more slowly. And part of that was US consumers weren't driving as much. They weren't buying as much gasoline. But also Chinese consumers, Indian consumers, stopped growing as much. And we saw this first in other commodities, metals. Chinese growth was less energy intensive and their demand for copper started to slow. But people weren't really ready for it, and (30/45)
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