Hey Folks, Capitalism is great and all but remember, the the market is not infallible so we cannot put everything in the hands of the market. Some regulation is necessary. I don't claim to know to what extent but I do know that the market is far from a perfectly well oiled machine.
As for the reason for high oil prices; In addition to the high demand in China and India, given the slow economy and the weak US dollar, oil is in demand as an investment.