The problem with blaming speculators for any price movement is that they have to sell as much as they buy. They are essentially arbitrageurs over time rather than space. No speculator wants to end up with 500,000 barrels of oil or 250T of pork bellies dumped on their front lawn. They can only really move prices if they all pull in the same direction, which they appear to have done during the summer with oil, until they ran out of money (rather, leverage) with which to move the price - the net result being that they will all have lost a lot of money and the price movement due to speculation didn't last very long, as it can't. [flippant comment alert] Oil also tends to mirror the value of the dollar, which was exceptionally weak this summer, since you can buy things like Chryslers with dollars but need euros, Swiss francs &c. to buy things worth having. [/flippant]
Oil prices are still high by comparison with the rest of history but amazingly cheap compared with any other way of generating such vast quantities of energy. Oil would be cheap at ten times the price.