Oil Price Swings

This 60 Minutes reports (here) tries to explain why oil prices changed so quickly, both up and down, during the last year or two.
They clearly point the finger at the speculators and investors buying oil on paper and betting that they could sell it for more later on.

The good side of oil costing so much is that prices at the pump went over USD 4 and forced people into buying less gas guzzling vehicles, even maybe to understand that an all oil strategy is not sustainable for very long.
It even forced the big 3 from Detroit to start producing hybrids and electrical cars!