Were oil prices in a speculative bubble?

Mish – Oil producers call for more price stability:

Notice the difference of opinion on fair and reasonable between producers and consumers. Also note the calls for “price stability” now from the producers after oil has collapsed. Where were the calls that $75 was a fair and reasonable price when crude was at $140?

The idea that anyone can fix a price is absurd. Demand is falling and speculation has collapsed. Indeed prices have fallen so much that I think we are seeing verification of the idea that massive speculation was keeping prices elevated.