[An.American.Expatriate]

I didn't see this in the article - another impact of “evil oil speculators” is that their actions encourages the development of new technologies and exploration.

Not sure I see the corelation here. Consumer demand / business demands (i.e. engine improvements) would seem to be the more logical "encouragers" of technical advancement & exploration. The speculator neither adds to, nor subtracts from either of those demands over the long term, and whether the speculator is betting on rising or falling prices would not seem, on the surface anyway, to encourage investment on the part of the producer.

Can you provide some reasoning?

[Mase]

Speculators add liquidity and depth to the market, and those are both very good things.

Greater liquidity and depth = smaller spreads.

Smaller spreads = lower prices.