course with that, opec would be finished for ever, the wizard of oz. we will have been we can watch them, i m burning. because that is really what would happen. reporter: in the last five years the u.s. cut imports by 1500 barrels a day. u.s. production is booming over 25% over the same period. i don t think prices have fallen enough for opec to take significant action at this point. but when you look at one to four years out they will be managing surplus capacity. its far cry from the 1970 s when time magazine had the world over a barrel. president nixon ordered rationing. we must face the fact. the shortage is permanent. door terrify did not