Are speculators driving the price of oil?

Speculation has undoubtedly played a role in increasing crude oil prices.  It is also speculation that can drive down prices.  After the volatility in the market and oil prices, the U.S. Commodity Futures Trading Commission renewed its focus on derivative trading, especially the unregulated over-the-counter derivatives market.  Over the past several years, Congress has also considered a number of speculation bills.  I believe that we should evaluate every proposal and its possible consequences.  However, since crude oil is a global commodity, there is the chance that any restrictions you place on trading in U.S. markets will simply drive investors to trade on foreign markets.  As this debate continues, my focus will be on ensuring fair and efficient trading.