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Speculation happens on both sides of the trade. The more market participants you have (AKA speculators) the more accurately you can price the commodity. Blaming the speculators for high oil prices is like calling birth an STD. The fact of the matter is total world oil output has been flat since the first quarter of 2006 while oil consumption has increased relentlessly with the industrialization of China and India. We're not running out of oil. Demand is simply outrunning supply.
The "blame the speculators" BS shell game has to stop. Excluding people from the market won't magically make the price of oil go down. The problems of stagnant supply is much deeper than that.
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