oil is traded like any other commodity. even though OPEC is a big factor in price it's not so much different that the way corn or coffee is traded. speculation has both good and bad sides. years ago southwest airlines anticipated a rise in oil costs and locked in its purchase price for several years. because they did that, they were able to keep prices low, build a loyal base, and keep that base even after their lock passed and prices went up.
if purchases of commodities were based on real time factors, there would be continual panic every time there was any twitch in any market. consider the floods we had last year that destroyed a lot of the corn and wheat crops. there was some fluctuation in price, but not what there might have been if people were buying based on real time conditions.
the down side is that because they are not buying based on real time supply and demand, rather on what they anticipate the supply and demand will be, speculation can drive up the prices with no real cause at the moment.
we have a lot of oil companies based in this country, but they produce and trade internationally. the price is based on the international trade of oil, not the local production. however....there are a lot of US companies which are smaller and would produce just for the US but many of them have been run out of business by regulation and the pulling of permits. additionally, we have stupid requirements for multiple fuel mixes that take up refining time and run cost up. we also have a shortage of refineries and it's near impossible to get permits to build new ones.
some of the things we could do to bring prices down both short and long term are very easy, but have been made either hard, or impossible by this admin. and yes...on this, the Obama admin is to blame.