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So you believe as I that deliveries have dropped, and therefore price. You car eto quibble about units of measure.

Demand drops, price drops. That is the macro economic point.

So you believe as I that deliveries have dropped, and therefore price. You car eto quibble about units of measure. Demand drops, price drops.

I don't quite understand why you're choosing to argue with me when I asked a question designed to clarify your point.

At any rate, there is no question that a.) demand has dropped (by, maybe, 5%) while b.) the price has cratered (to about 1/3 of what it was). That's not in dispute. Nor would that relationship between demand and price be unexpected.

But the relationship between demand and price isn't linear. For example, if the market is in equilibrium -- supply is 1 million barrels and demand is 1 million barrels -- the cost of barrel #1,000,001 is several magnitudes higher than the cost of barrel #999,999,999. And the cost of barrel #995,000,000 will be a great deal less.