In April, Obama called for an investigation into whether speculators were driving up oil prices.
http://www.csmonitor.com/USA/Justice/2011/0421/Fraud-in-gas-and-oil-prices-Obama-s-new-task-force-will-investigate Since then, oil prices have declined from the $120 bbl range to nearly $81 bbl, a 33% decline and gas prices have followed ( recently $3.29 a gal in River City - down from $4.15 in April), although more slowly than the decline in oil prices (the gas price is down just 20%.) I think that strongly suggests that as soon as someone called them on their game, the speculators realized the jig was up, sold their oil futures and turned to other investments. Don't worry, they'll make their way back around to oil when they think no one is looking. Business news leaders were giving them cover by saying the trouble in Libya was threatening supply, nevermind less than 2% of the world market comes from Libya, and that demand was up, which was patently false. They're doing this with wheat and corn and sugar too.