middle of 2014, about there that we began to see a major decline in the price of oil. And we're now down at levels that we haven't seen since the financial crisis. In fact, I think oil dropped to below the prices it hit in 2009. Maybe I'm incorrect on that. I think we went right slightly below it. This has been obviously a very difficult time for countries like Russia and Saudi Arabia. Talk to me a little bit about that. What are the forces driving this decline? Sure. Two factors really drove the structural decline all the way down to the third, sort of almost below $40 a barrel. Now we're sitting at Brent prices around $50. The biggest, the two structural changes in my mind were the fact that not enough people were paying attention to US production growth, particularly in shale, but the US was shifting from being a net energy importer to being a net energy exporter. That's a remarkable story, by the way. I mean, the reason I also bring it up, and I should have just said it, is (28/45)
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