If the price of the futures contract is going to go up, and I...

If the price of the futures contract is going to go up, and I think the futures contract is going to go up it'll have a influence on the future price. But if I drink at a bar and everyone else at the bar thinks the price will go up it'll go up = speculation.

Futures 99% expire without delivery, you don't have to supply it, that's what speculation is on financial markets you don't have delivery it you just trade contracts and most will expire without being filled.

There is no current shortage of oil, the market just fears one day there will be a shortage because demand is currently strong = major ramp

It's mostly a sentiment driven price, when sentiment changes, the price will change rapidly. It can drop just as fast as it goes up.

GWB just wants a high price to get his off shore and Alaska wild life reserve drilling before is retirement in November, that's why he tries to keep attacking Iran, since after Iraq it's one of the biggest oil producers, so if you threaten it you effect the oil price.

If you have a president that doesn't want to attack Iran every 2 hours you won't have this bs speculation in the oil and we can probably discount $1 off the current price!

Markets don't react to facts, they run on speculation of facts, why the price is running.

Anyway, it'll be funny to see the price crash soon.

Peak oil, you gotta be kidding, that's like believing in global warming, I mean "Climate change", the only thing I agree about PEAK OIL is that the price per barrel has PEAKED now, other then that I don't really know what the peak oil hoax means.