Not really. Yes, demand is exploding, and supply is increasing rapidly apace. Development of new extraction technologies is expensive, because we've used up most of the really really cheap oil, but there is way, way more that we simply haven't cared enough to go after yet. It will be more expensive, for a while, and then the cost will go down until it's gone, and we need to go after a slightly more expensive energy source.

But the insane volatility of the market, and rising prices completely out of proportion with the slowly, steadily increasing cost of extraction, is most definitely because of speculation.

And come on, how is that even slightly controversial? When someone with the capital to affect the price is in a position to profit whether the price goes up or down, what do you expect to happen to the price?