Pundits continue to emphasize global supply as a major problem for oil prices, but a look at this oil chart shows those concerns over supply are overstated.
There's no denying global oil supply is on the rise. In 2014, the U.S. Energy Information Administration (EIA) reported oil inventories increased 0.8 million barrels a day (bpd). In 2015, that could grow to 0.9 million bpd if production remains the same.
Talking heads say that's a sign oil prices will continue to slip. But they're missing the point.