I think the speculators who think they can hold US$70+ per barrel are going to be in for an unpleasant surprise soon. I personally believe that once the price of oil punched through the US$70 per barrel barrier, the price of petroleum products starts to become
elastic (e.g., consumers become sensitive to price). Already, with consumers starting to cut back on driving the stage is set for a possible
huge oversupply of petroleum products by mid-summer, and that will cause oil prices to drop quite a bit.
Also, price controls is a terrible idea. Remember what happened during the 1970's--price controls actually caused flat-out shortages because it did not allow the natural forces of economic equilibrium to work.
The funny thing is, that's correct, for the last 5 years every industrialized nation or third world nation industrializing, has stock piled up oil. National Oil stocks (for all countries) are at the highest levels ever.