The big question troubling the energy market now is why China is stockpiling so much oil. In problem-solving, the principle of Occam’s razor recommends searching for the simplest explanation. So perhaps the answer is as straightforward as “because it’s cheap.” Still, the conspiracy theorist in me says there’s more to it.

China has purchased more than 150 million barrels — costing about $10 billion at current prices — above its actual use so far this year. For a country that buys more electric vehicles than anywhere else, that demands........

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