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00:00COURSE. THERE IS THE OED. LET'S GET TO OUR MORNING MUST-READ. SOMEONE ELSE THAT IS CROTCHETY, GARY SHILLING. ON OIL. HELIMA CROFT, THIS GETS TO THE IDEA, IT IS NOT GETTING TO 10 OR $20 A BARREL, IT IS THE BET THE VECTOR IS IN THAT DIRECTION. >> ONE OF THE BIG THINGS WE'RE SEEN IN THE OIL MARKETS WITH THE RECOVERY, THIS SORT OF TENSION BETWEEN FALLING RIG COUNTS BUT HIGH INVENTORY. JUST WAITING TO SEE AT WHAT POINT THIS RIG COUNT WILL TRANSLATE INTO A MEANINGFUL SEWING OF NORTH AMERICAN -- THAT IS THE GAMBLE IN TERMS OF IF YOU'RE BETTING ON HIGHER OIL PRICES, BETTING ON A RECOVERY TRADE, AND ALSO BETTING THIS GROWTH SLOWS MATERIALLY. X YOU ARE AN EXPERT IN JOB POLITICAL RISK. >> YOU HAVE THE LIBYA STORY. LIBYA HAS FALLEN OFF A CLIFF. ONE OF THE REASONS WHY OIL STARTED TO RETREAT WAS THE RETURN OF LIBYAN BARRELS. IT WENT AWAY AND NO ONE CARES. >> QUICKLY, WHERE WOULD OIL BE RIGHT NOW EX-LIBYA? >> YOU MEAN IF LIBYA WAS FULLY GOING? WE WOULD BE LOWER AT THIS POINT. I WOULD ARGUE IT IS NOT PRICED

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U.S. Drilling Rig Count Points to $10 Oil: Shilling

In today's "Morning Must Read," Bloomberg’s Tom Keene recaps the op-ed pieces and analyst notes providing insight behind today's headlines, including comments from Bloomberg View Columnist A. Gary Shilling. He speaks on "Bloomberg Surveillance.” (Source: Bloomberg)