I think, as Steve said earlier, it's both demand and supply. I would argue it's early. If you look at oil prices through 2014, we had some downside demands, surprises. The U.S. printed a negative growth in the first quarter. It was weather-related and it has since snapped back, but it was a negative surprise. China was shifting growth down to more sustainable growth. The eurozone was continuing to struggle. So that opened up this gap between supply and demand. Energy prices started the year north of $100 and drifted down to about $75 a barrel back in November. Then everything changed post-November 27, and that's when, I think, the politics of oil kicked in. Then there's speculation and a lot of other non-economic issues that pushed it lower, and it'll take some clear line of sight before we get a bounce-back.
On March 11th, 2015. See this statement in context.