It doesn't matter. You've got to actually think this thing through. So a speculator buys a bunch of oil. What then? He tries to sell it at a higher price, to whomever will buy at that price. But ultimately it has to be bought by someone who will take delivery, and that person isn't competing against speculators to buy it; he's only competing against other end users of the oil. If there aren't enough end users to actually take delivery, the price tanks; if there are too many who want it, the price rises.
Speculators *can* cause temporary spikes in prices if there are enough of them. But over a relatively short time they lose their influence, because the real demand for oil is the end user who actually takes delivery of the product. It really is simply supply and demand; the speculators are just middlemen.
There is one other point to be made here, which is that the current problem is not simply a function of the price of oil. The price of oil has not increased like the price of gasoline; the current rise in gas prices is driven more by refinery problems, many of which are associated with the changeovers to summer fuel requirements. Refinery construction, expansion, and improvements are slow because the government's push to move to ethanol has made them an extremely risky investment (they're *not* cheap), and all the environmental requirements for fuel blends cause a great deal of expense at the refinery stage.
So basically, the current high gasoline prices are caused by a combination of supply and demand affecting the price of oil, and government regulation causing a rise in the expense of refining oil into gasoline. Speculators play no real part in it; they're just along for the ride like everyone else.
I appreciate your thoughtful reply, however, I think you have failed to consider the impact that a “middleman” has on prices. They are not in for nothing. There may be risks involved, but if so, then the potential for profit must also exist.
“the speculators are just middlemen....
Speculators play no real part in it; they’re just along for the ride like everyone else.”