What if it’s not a bubble? You do realize that investors must sell their contract or take delivery (which they don’t want to do)? You also realize that despite record high prices, inventory levels are way down and well below the historic norm? Probably no more than $20/barrel is speculation currently which means we’d still have $4/gal gas.
Actually, as far as inventory levels goes, they are higher because global production outpaces consumption.
And according to numerous articles I’ve read, upwards of $60 in the price is from speculation.