Just an excerpt from Tyler Cowen — recommended and resource rich:
7. The bottom line is that when it comes to the key substantive questions about the oil market - why are prices so high — the correct answer is the Lachmannian one: “expectations.” If you push one step further on that, and try to evaluate or “source” those expectations, the correct answer is “we don’t know.” Jim Hamilton hints at some of this — and the imprecision of the “inventories” term — in this insightful post.
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