If there were an adequate supply, they could not drive the price upwards. It would plummet. Speculation and price-fixing aloane cannot levitate this market. It is simply too big. They would never be able to hold this price if there were more oil pouring out of the ground - and especially American ground.
I blame our environmentalist wackos and politicians, not the speculators. We have oil here for the taking and we have simply locked it up, preferring to go nationally bankrupt rather than risk a few (a very few) arctic terns and our environmental fantasies.
I hope you really don't believe what you typed because it's not true.
They can only manipulate the price so high until it becomes cost effective to extract it from shale. THEN the gig is up (and the mid-East becomes utterly irrelevent).