I'm back

I have returned from my latest travels, patted Parker, had a good night of sleep, and am offloading several hundred photos from two digital cameras. This, plus restocking my fridge, will take a little bit, so in the meantime: Paul Krguman explains why speculators have nothing to do with oil prices right now:

Imagine that Joe Shmoe and Harriet Who, neither of whom has any direct involvement in the production of oil, make a bet: Joe says oil is going to $150, Harriet says it won't. What direct effect does this have on the spot price of oil — the actual price people pay to have a barrel of black gunk delivered?

The answer, surely, is none.