"Speculation by large investors - and not supply and demand for oil - were a primary reason for the surge in oil prices during the first half of the year and the more recent price declines, an independent study concluded Wednesday.
The report by Masters Capital Management said investors poured $60 billion into oil futures markets during the first five months of the year as oil prices soared from $95 a barrel in January to $145 a barrel by July."
In July, 2008, in an open letter, 12 U.S. airlines call on Congress to curb excessive speculation that they say drives up oil and fuel prices, slamming the airline industry.
On July 30th, a bill aimed at preventing excessive speculation in oil and other futures trading did not get enough votes to pass in the U.S. House of Representatives on Wednesday, as Republicans complained the measure did not also open more offshore areas to oil drilling.
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