Here's another viewpoint:

Stop Oil Speculation Now

Dear XXXXX,

Last Thursday the House of Representatives acted to curb excessive
speculation, but in the absence of any indication that the Senate will
act, prices have spiked. The largest one-day price increase in NYMEX
history occurred today. Although we recognize the impact of the
financial crisis on Wall Street, the weak dollar and the aftermath of
Hurricane Ike, this unprecedented 16% one date jump also reflects the
impact of excessive energy speculation. Reversing recent price
decreases, oil peaked at $130 a barrel, closing at $120.92 a barrel
reflecting the impact of excessive energy speculation.

The market’s extreme volatility suggests that speculators who withdrew
tens of billions of dollars from the energy markets when Congress
threatened to tighten oversight over excessive and harmful speculation
breathed a sigh of relief last week when action in the Senate seemed
unlikely, and returned to the energy markets in full force today.

We need a bipartisan approach to a national energy policy. Congress

Coyote