If the futures market is suppressed, that will just move volatility into the spot market.
One purpose of the futures market is to smooth out prices. If 'speculators' are buying oil because they think it will be worth more in the future, that raises the price now, but lowers the price in the future.
Another story about raising margin requirements and speculation.
http://www.foxnews.com/story/0,2933,166038,00.html
A speculation premium of $15 on 85 million barrels sold per day adds up to some serious coin.
This is real good thinking, make it more expensive for US futures traders and companies. After all we control the market and buy 10% of the worlds oil. I'm sure the other futures traders and companies that that buy the other 90% of the worlds oil are going to appreciate our government inspired handicap. Should decrease the buying power of US futures traders and increase the price $10-$15 a barrel.