[agere_contra]

Agreed. The split between buy and sell price will widen, because all those evil speculators are no longer there to carry the risk.

Tough luck for people who need to buy oil in the long term ( after this short-term glut finishes). And who will FReepers blame then?

[Myrddin]

The producers depend on the speculators to make those future purchases of oil that is still in the ground. If there isn't a certain buyer, the oil will stay in the ground. We'll have shortages and rising prices.