I saw that too, and the biggest oil speculators were Bear Sterns, Lehman....all the big investment banks. They said the largest US oil distributor's pertroleum holdings(someone actually in the oil biz) were dwarfed by Lehman's holdings.
They also said regulation that prevented this type of speculation was quietly shitcanned in 2002 at the request of.....Enron. This allowed Enron ( and anyone else) to totally manipulate energy prices where ever they wanted.
The same people who made billions screwing us with $147/barrel oil are now receiving billions in bailout money from our government.