Look at global demand, gentlemen. Even motor oil base stock manufacturers can not keep up.. Global demand is UP.
As for limiting trading opportunities, it will backfire disproportionally. The less liquid the market, the easier to manipulate it.

I checked the large speculators positions (free COT data) and they did spike recently indeed. However, they are still not as high as a year ago when Libian war started. So, the oil could go a bit higher before falling down. If Iran war materializes, all bets are off.

Correction: The gasoline futures speculation by large speculators (ie banks, pension funds, mutual funds and hedge funds) is indeed much higher that it ever was before. Small speculators are also heavily in. This is good news because prices tend to go lower after all speculants are in. Unfortunately, there could be a couple of months lag time.

Its great to hear what Lindsey Williams thinks. Now, if Homer Simpson and Kermit-the-frog would offer their equally knowledgeable opinions we would have a balanced view.