I don't see how you can say that the problem is in one but not the other. If we did not have the higher demand, we would not need the higher supply.
And the unfortunate thing is that we don't control the supply. Saudi Arabia, Iran, and Venezuela do. So if the problem is entirely the supply, and not the demand, then we don't have much hope.
And the unfortunate thing is that we don't control the supply. Saudi Arabia, Iran, and Venezuela do. So if the problem is entirely the supply, and not the demand, then we don't have much hope.
I said the solution (as opposed to the problem) is increasing supply, not lowering demand.
No, we don't have a lot of hope in the short term. A significant economic contraction - recession - is the immediate salve. Not very palatable is that?
But we do have a lot of hope in the long term. There is plenty of oil, IF we can get our government(s) to allow industry to get it. Big if, based on the last 30 years.
Did I write that erudite piece to fall upon deaf ears? Seriously, read it again. I addressed your point RE supply/demand.