I can't help but notice references across the weekend in various media outlets about the role of speculators and / or commodity traders relative to oil prices. How the global price for oil has been driven by speculative trading was the common theme.

This isn't something I really know much about and I was wondering if anyone knows the extent to which global commodity prices are influenced because trading itself has driven a price escalation.

Multiple references to speculators driving the price escalation varied somewhat but the collective commentary suggests per gallon gas price increases beyond the $2.50 range have been because of speculative trading and bears little relationship to actual supply and demand. I heard people say the cost of a barrel of oil would likely be in the $50 - $75 range absent this speculation.

I'm just curious how much of this commentary might be accurate. Does anyone know if such assertions have merit?