Shell CEO says ”psychology” behind high oil prices

“No one has to wait at the gas pumps of the world. There is no physical problem,” Shell Chief Executive Jeroen van der Veer told reporters in Calgary.

“(There is) a lot of psychology in the price,” he said.

Oil rose above $80 a barrel for the first time on Wednesday, touching $80.18 on the New York Mercantile Exchange before falling back to a record close of $79.91 a barrel as U.S. government data showed crude inventories took an unexpected drop last week.

Reuters