You miss my point. Speculation driven price spikes are realized on discrete time intervals, and are not.... i repeat.... are not a driver of long term price trends. Because of this fact, short term price volatility does not create real inflation. As stated, price trends are entirely driven by supply and demand determinants on an infinite continuum.Why? Easy. Because the positives (increased income for investment banks) are far outweighted by the negatives (higher everything for consumers). All speculation is as used here is those making money doing nothing off the backs of those actually working.
Oil is a commodity, not an investment vehicle and should be treated as such.