Actually, its estimated that anywhere from 30-60% of the price of oil is due to speculative interest at a minimum (due to weak dollar, and a crappy equities market). Pure supply-demand would still have oil around $50-$75 a barrel. That's why we need to increase margin requirments on the NYMEX and CBOE. Long live free, unfettered capitalism. I'm not sure what "political distortions" you may be referring to, but if it is the war in Iraq (oil was $21 a barrel on March 20, 2003), then I would have agree.