Oil price and speculators

Many politicians in the USA now blame the oil price on speculators and tell us that fixing the "Enron loophole" would take the gas price down to $2 a gallon.
I am very skeptical about this and it seems that economist Paul Krugman is as well...

I read somewhere that the blame is to be put on bankers who want to make money to offset the loses they made during the subprimes crisis. I am not too convinced about that either...

More info on Paul's post here.

The Economist also has a piece on it, here.