Please re read my post. I think you may have misinterpreted something I said. I do think that renewed efforts to drill for our own oil is workable...so long as environmental concerns are also addressed. Although it is going to take years before  new drilling rigs and newly constructed  refineries begin to produce appreciable results. My post indicated that in ADDITION to renewed drilling efforts alternate forms of energy need to be developed. It is true that some of these alternate technologies are a long way from fruition. However, there are others that are currently available to supplement the use of oil...solar, wind, hydro power. These alternatives need to be implemented on a much larger scale. The current price of oil has even made the expense of extracting oil from shale ( a very expensive process) something that is again being considered.

Your observation about commodities futures is correct. The activity of speculators in the commodities markets does impact on the price of oil. the Arabs were quick to jump on that as an explanation for current pricing during Bush's recent visit to the Near East. There is currently federal legislation proposed to restructure the impact of commodities speculation on oil prices.

However, the prices of commodities are unpredictable. As you have observed they rise and fall with news of new developments in the markets. While renewed drilling efforts may lead to a drop in oil prices due to impact on speculation...it is not by any means a permanent cure for the effect of speculation.