Go read the Feds numberous reports on the energy futures markets, they can be manipulated quite easily, and numberous studies by the fed have come to that conclusion and recommended better enforcment and regulation of them... but even though they know they are succeptable to corruption and manipulation they have done nothing to secure them.
Back in 2000/2001 several studies came out all state the same conclusions... yet none of their recommendations to resolve it have been enacted. Energy futures trading is a scam... The Stock market is a "bidding" process too, but that didn't stop folks from bribing other folks in 99 offering them stock that was currently trading for $600 a share, for $35 a share on the days of IPO's...
If you think the energy futures markets in the US are beyond reproach, you are grossly misinformed.
How are they manipulated? I trade futures and have never seen any evidence. Congress has had hearings but found no manipulation. Accusing me of being misinformed is not a answer. Who is manipulating futures and how are they doing doing the manipulating. There are rewards for such information. I will turn them in if you have such information and split it with you.
It isn't a U.S. market, it's a world market.
If futures traders are willing to pay 75 a barrel for oil to be delivered in two months, how are you going to force them to pay less?