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No Conspiracy Theories

We've been doing a lot of talking about oil prices here at Molecule, and there's been a lot of ink spilled on the supply-side of the problem. Craig Pirrong at the University of Houston has a pretty neat perspective--in essence, that far from there being a conspiracy to dismantle Russia or US shale producers, China's demand reduction combined with OPEC's decision not to cut production is what's driving prices down.

Check it out here.