Not necessarily. I'm not a subscriber so I can't read the whole article, but I didn't deny that speculators can affect the price in the very short term. But it's fundamentally impossible for them to sustain that effect because of the realities of the market; the oil they buy has to go somewhere. If it's not bought and used - *really* used - then the supply will exceed the demand and the price will crash back to earth. That's just a logical fact of life; to deny it is to avoid thinking about it critically in favor of swallowing demagoguery.
“Where do they store the oil they buy?”
They don’t actually buy the commodity, they buy market futures.
http://en.wikipedia.org/wiki/Futures_contract