Sure.
We had $140 dollar oil, and demand in the United States was down 800,000 barrels per day for the first six months of the year. People react. Obviously it creates pain, but you also get more efficient.
The notion that we are using 85 million barrels per day efficiently in the world is a joke. I live in the United States. I'm not American, but I look at how people live here, and the waste is tremendous. Why do we need cars that weigh five tonnes and you can put twelve people in them when you commute to work by yourself? You can be more efficient. There's plenty of creativity. High prices will destroy oil prices. This is what we're seeing. Clearly we can be more efficient. After all, when you use your car, in general you're using only 15% of the gasoline to move the car; the rest is for the heating, cooling, CDs, DVDs, and everything else you have in your car. So technology can improve a lot, but you need price signals. These extreme prices have pushed signals, and they are forcing new technologies, which is a good thing.
On your question regarding whether we know what the real price should be, if I knew, I would be a rich man today. I would advise all my clients, and they would make a lot of money. It's a million-piece puzzle. You can't remove one piece and ask what happened. Everything shifts. It's a very dynamic market.