I think most of the talk of speculation is due to the psychology of looking for someone to blame, which I think is mostly rooted in the need to have some control over the situation. If someone else is to blame for the problem, then at least it means that this isn't permanent, and the problem could be corrected with prosecution, legislation, etc. If, on the other hand, we're dealing with a diminishing resource that's just going to get more expensive... well, that means change.

That said, I also think that there are too many ways to leverage small amounts of money into high-risk speculation in the oil markets, which should be more regulated. Is that causing the sudden rise? Partially. I think speculation is anywhere from 10% to 30% of the overhead cost right now, but I just don't know.

I figured this was coming many years ago. We bought hybrids and insulated our house. The human race is going to run out of oil, and it's going to be in my lifetime. Better get used to it.