Oil Speculation Continued

As you can see in the article I posted last Sunday, the battle continues between those who argue that current oil prices are the result of oil speculation and those who point the finger at inadequate production, the Saudis being the key culprit in this apparent plot to ruin our economy. Surprising, to me at least, was that at this emergency energy conference, United States Energy Secretary Samuel Bodman claimed little evidence exists indcating speculation as the key cause for our oil woes. The Saudis, of course, countered Bodman and his British and Japanese counterparts, and refused to immensely increase oil production, putting the blame heavily on speculation. Obviously, it's in the best interest of the Saudis to avoid "blame" and find some scapegoat, or solution (albiet temporary since oil is finite) that will help them maintain their leverage, their power; investment in alternative energy will only weaken the price of oil in the long run and turnoff the kingdom's most loyal costumers, the United States.
But Wallstreet is also looking out for itself, aggressively fighting any potential federal action against speculators. Last week I watched a representative from Deutsch Bank tell the United States House Energy and Commerce committee that limiting speculation was not the answer; instead, according to him, the government needs to increase investment in clean and renewable energy (obviously a good idea). As I said in my previous post, speculation may be the cause for current prices. But although I don't see the financial community as pure and untainted, punishing financial institutions in this case, is only sweeping the problem under the rug. High fuel prices are good for the long term, good for the globe, good for humanity. They will hurt us now as the economy and our government slowly adapt and change, but we may be better of in the future.