We're seeing that right now, he said. If you look at the peak in U.S. oil consumption it was about 21 million barrels a day as little as about three years ago. It's now down to about 19 barrels a day ... and high prices are partially contributing to that.
The other component in the United States is a relatively weak economy, Watson added in an interview aired on CNBC on Wednesday.
(Reporting by Braden Reddall in San Francisco; Editing by Phil Berlowitz)