Oil company execs telling us the high cost of oil today is due to speculation is sort of like a coke dealer telling his clients that speculation is driving up the price of coke...I don't believe it. If you can convince your clients that speculation, not supply, is the driving force behind prices, then it's easy to keep people addicted and paying more for their fix. They'll always believe the price will come back down, so they're willing to pay more today.
I'm starting to miss the good old days of $100 bbl/oil!