It is certainly a significant cut, given the large demand for oil.

Resistance to action on climate change is crumbling. The business community has a number of prominent leaders arguing for action, and the science on climate change becomes clearer and more inescapable by the day.

Realistically, the demand for oil around the world is unlikely to be substantially affected by this ? certainly in the next 10 to 15 years.

I think there's a buzz going on now. Even if the president does not take the lead, nonetheless I think Congress may pick up and run with it.