Before you next opine (rant), you should read posts more closely. Saladbar refered to the "true value" of oil and I asked Saladbar to state its true value. I ask you the same thing since you apparently don't think its price reflects its true value.
Supply and demand determines price, not value.
Speculation determines price. The IEA predicts not that high of a change from demand from this time last year. So demand isn't driving the high prices alone as you say. The Saudi's increased supply without showing much cost savings for it. So what else? I read (can't remember the source sorry) market trade oil shares are well over one hundred times the amount of actual oil on the market.
So goombah asks a good question, what IS the real value without speculation? "Predicting" a very high value of oil and having only to use very little cash or credit to pay for the positions makes it easy to create a self-fulfilling prophecy methinks, so I guess somewhat lower. But real economists don't know either.
Well, I guess excess speculation is forcing America and everyone else in the world to a lesser degree to cut down on their consumption of oil! That is the good news if it doesn't plummet us into a recession.
"Patriotism is supporting your country all the time and your government when it deserves it"
