If there were an adequate supply, they could not drive the price upwards. It would plummet. Speculation and price-fixing aloane cannot levitate this market. It is simply too big. They would never be able to hold this price if there were more oil pouring out of the ground - and especially American ground.
I blame our environmentalist wackos and politicians, not the speculators. We have oil here for the taking and we have simply locked it up, preferring to go nationally bankrupt rather than risk a few (a very few) arctic terns and our environmental fantasies.
And of course, you'd be precisely correct in doing so!!!
OUR WAY OR EVERYONE DIES.
They prefer giving money to terrorists who care nothing about the environment than being more self sufficient.