Is it speculators or supply and demand that have caused oil to spike $16 or so in two days? WSJ:

“If you asked me why oil prices are so high, the answer would be “I don’t know,’” said Royal Dutch Shell PLC Chief Executive Jeroen van der Veer.

The fellow makes quite a lot of money, and his company makes quite a bit more than that. You’d think as CEO part of the job description would be to have a view of why this was all happening.

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