US INFLATION RATE .8% IN DECEMBER .... Japan increasing its monetary base $674B/yr .... China GDP grew 7.4% in '14 (their figures). Slowest growth in 24 yrs. China oil consumption 10.63Mb/d in '14, imports 7.19Mb/d. Est. 5% rise in demand for '15 .... US operating rig count down 74 last week .... Over 1/2 of existing global oil production will disappear by '30. 5%/yr natural production decline.