The influence of speculation on oil price formation is dependent on the market's productive capacity.
Medlock, Kenneth B. III. "Speculation: A Cause or Symptom? An Important Question for Designing a Policy Remedy." (2008) James A. Baker III Institute for Public Policy of Rice University: http://bakerinstitute.org/research/speculation-a-cause-or-symptom-an-important-question-for-designing-a-policy-remedy/.