I agree that speculators are one of the major causes of such high per barrel prices but there isn't only one cause, just like its not soley supply vs. demand. Its higher demand with stagnant supply, very weak dollar worldwide (yes oil is traded in dollars. Iraq switched to Euros a while back but then went back to dollars), rampant speculation, massive instability in the oil producing nations, and last but not least good old fashioned fear. This problem is way too big to be naive enough to think one variable is the sole cause. The Saudis dumping an extra 200,000 barrels per day is like peeing into the ocean. Thats why it made no difference on prices.