[Paleo Conservative]

My own view is that speculators can't materially impact prices if all they're doing is making bets on the direction of oil prices by trading futures and not taking delivery of actual oil - hoarding stuff that would otherwise go to consumers.

And where would they store this oil anyway? It's rather dangerous to store, and it's pretty difficult to hide the facilities. Back in the 1970's when there were price controls and long lines, many consumers would hoard fuel, increasing its scarcity. High prices are a disincentive to hoard.

[AndyJackson]

And where would they store this oil anyway?

In the ground back at the well, in oil tankers floating around the world (they are cheap in comparison to the value of the oil carried), and in oil storage farms around the world that are not well reported or regulated at all.