So what have you got? A conspiracy of oil sheiks moving the price up cause they are greedy? Too much speculation? George Soros? GWB?
What we've got is very simple. Commodity scammers have learned how to rile up the Peak Oilers who then sow fear of shortages and "the end of affordable oil." On top of this, additional fear is sown about "possible terror attacks in Saudi Arabia" or even, the 18 wheeler towing oil that flipped over on the interstate or any of the typical fires that happen from time to time at refineries. This causes artificial price inflation. Small time investors flock to the market. The price goes up even more due to speculation. Then, inevitably, the market does respond, albeit slowly, since there is reluctance to risk major capital outlays on anything but the surest thing, because the memory of the 1980s oil bust is long and painful, especially in places like Houston and California. As this slow increase in supply happens, the market inevitably starts to soften. Those who got in too late panic - they take to the web, hoping to crank up the fear and worry that initially caused a rise in price. There starts to be a series of dead cat bounces, as the tension between actual supply and demand dynamics versus emotional investing and speculation, becomes more intense. Some of these bounces are remarkable and result in new all time high prices. But lo and behold: At some point, the froth can no longer be sustained. Woe to the late arrivals in this market.