If there is a bearish theme, it's about U.S. product demand.

The upstream and downstream constraints are real and long-term and we're seeing almost daily examples of them. We're going to have a very strong price environment until the steam is taken out of demand or until investment catches up and restores a spare capacity cushion to production and refining.

The oil is in the ground waiting to be exploited. But how do we get access to what is left? At the end of the day the drill bit has to hit the ground.

This is just drifting around. But the Nigeria situation, as the weeks wear on, is providing a firmer floor for the market.

It's all more fodder for financial investors.

Apple true believers are going to hammer this a thousand different ways on the details, but it caught the essence of Jobs and Gates,