There is a big field development off the coast of Angola; one of the majors, can't remember at present. Believe it ultimately is supposed to reach 500 kb/d. That's probably what they are banking on there.

Re the Encana guy... yay! I like those folks, good for them for speaking up.

One quick comment re: demand response.  Dave phrased it precisely right when he said there was no moderating effect "currently".  We all know how price inelastic oil demand is (de-jargonized: demand doesn't change much in response to a change in price), but that's true only over the short run.  If prices stay high we'll see consumption patterns change and overall demand drop.

I know, I keep harping here about timing, but it's critical to understand how it relates to price elasticity.  It took decades of living with absurdly cheap oil fo rthe US to work its way into our horribly inefficient oil consumption patterns.  Under pressure from high prices we can adjust much quicker, but it will take a year or two for real change to show up.

By the way, someone else here commented the other day that people were driving slower than normal.  My wife and I noticed that over the last few days, too, in upstate NY.  We had to run a quick errand today, and I also noticed a much higher percentage of smaller cars on the road than normal.  I wonder if it's simply that multiple-car households are using the most efficient vehicle available--the Civic runs to the grocery store and the pickup truck or SUV sits in the garage.