massive glut it doesn't seem to be improving much joining me now to take a deeper look at this chris martenson economic researcher and co-founder of peak prosperity dot com thank you so much for talking to me about this we need to dig in here what's your take on the oil price issue asia right now and what it indicates for the global economy. well lindsay good to be with you here today and oil is telling us that it's very weak situation right now we've got a global supply glut there's a lot of it floating around in tankers on land storage is also full to the max so the economy when it's growing demands oil we're seeing very low demand at this point in time and the market is very heavily oversupplied and on top of that you have a lot of desperate countries that are busily producing as much as they can in some cases desperate companies like those in the shale patch who are being incentivized to produce as much as they can whether that makes sense or not plus a couple of trouble spots are coming back online nigeria libya also producing more so everybody's producing and there's not a lot of demand