Saudi Ambassador to the US, Prince Turki al-Faisal, says in this USA Today interview there's an excess supply of oil in the world. He blames the skyrocketing price on political and security concerns, not on the old supply-and-demand thing.
No doubt, but I'd add one more to the list of culprits: Collusion. I'm no conspiracy-theorist, but Exxon and Shell are making WAY too much money right now for me to believe there isn't something unseemly going on.
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