Cheap money is going to have an effect somewhere, and commodities are rising at a faster rate than the dollar has declined, so it seems more than likely to me. I've read comments that suggest raising margin requirements would knock quite a bit of the speculation out, to the tune of -$15/bbl or more.
That’s the first good idea I’ve heard in a LONG time about the current state of affairs!
The types of investments that the hedge funds can get into needs some oversight too.
Locally, one has bought high-end vacant land (estate ranchettes) with the expectation of turning them quickly for big bucks.