I totally agree. Many variables came together which resulted in oil where it is. Looking to blame just one single thing (speculators) is flawed in its tunnel vision. And correcting one single thing (drill here, drill now) is equally flawed in it’s tunnel vision.
So you address what you can. Take basic regulatory actions such as requiring more transparency in futures markets and not allowing investment banks such as GS and MS to be treated as commercial buyers exempt from position limits.
And open up more federal and offshore lands for drilling. Maybe provide tax breaks for employers to encourage telecommuting.
The problem is, all the various sides want to just blame one factor because taking a comprehensive approach doesn't suit the various agendas in play here.