A retrospective on oil prices

I was surfing through the net and old posts and links very specifically looking for something that I need to write my political paper for TYCASW. And I saw this post:

Why are oil prices so high? And from Adel al-Jubeir, Advisor to the Saudi Crown Prince September 28, 2004 at about 1:40 PM Pacific time, CNBC interview with Maria Bartaromo:
We believe the price of oil should be between $22 and $28 per barrel. $25 is a good reasonable price. There is no extra demand accompanying today’s very high price for oil. We are seeing no extra customers lined up and there is no shortage of supply. The high prices we are seeing are due to speculation in the oil markets.

Yeah, $29 is just too high.

And if speculation was jacking up the price four years ago, do you think it has anything to do with it now?

Disclaimer: I don’t know anything about oil speculation except what I have read.
Disclosure: I am the daughter of a retired ExxonMobil executive.