Reply #33: There has never been and never will be a linear relationship between supply & price.

[Statistical]

So it was speculators who drove price of oil down from $146 to $35 and not a 7% drop in demand? I hope you sent them a thank you gift.

Say price of gasoline rises 5% ($0.15). Do you cut back on driving? Or do you like 99.9999% of Americans grumble about it but drive the same.

There is some oil that has an extraction cost of $80, $90, $100 a barrel. Price of oil rising 5% isn't going to make 5% more supply come online.

It takes a massive increase in price for marginally valuable oil reserves to be exploited.
It takes a massive increase in price to make even a small change in demand.

Your belief that it is speculation isn't supported by any economic theory.