We need tools to knock the knees out from under speculators when things get ridiculous. Be nice to have preset "circuit breakers" like a 55 mph speed limit or even extra gas tax that would cut consumption beyond whatever margin the traders are counting on, if a price per barrel increase goes over a certain % over X months. That preset, already-law circuit breaker would overshadow said speculators and might convince them to find other pickings.
Begging the saudis is kind of low for a first world nation, but we weren't and aren't rife with options.