Speculation and manipulation - where is the evidence?

And recall what Judge Easterbrook wrote over 25 years ago: an undetected manipulation is an unsuccessful manipulation. If there is such a vast and successful effort to manipulate prices, the evidence would be there for all to see.


from Craig Pirrong 

So where was the evidence that speculators were keeping the price of oil high?  We know have crude oil prices down $28 for WTI. Gasoline is down to level seen at the end of the year, and heating oil is down 78 cents. Perhaps this has something to do with the economic slowdown.