Totally agree. Oil prices are way too high based almost all on market speculation. Take oil out of commodities and the price would decrease considerably. Or require that oil buyers take physical possession would make speculators more hesitant to bid up the price lest they be stuck in possession of a lot of over priced goods.
Man, that is a spectacular idea. Force the buyer to take physical ownership, and just on that commodity.
It would permanently lower the price of spot oil, while simultaneously allowing the trading of futures contracts on oil.
Ownership starts when the oil leaves the facility by pipeline or conveyance.
It would help restore the correlation between government inflation figures and actual real price data.