With the recent spike in oil prices above $140 a barrel, and gasoline at $4.00 or above, Americans are crying foul. Someone must be to blame. In recent weeks, blame has increasingly been focused on so-called "speculators" in the oil and energy futures markets. This week, I take an in-depth look at the role of speculators in the futures markets and how much, or how little, they may be affecting the prices of oil and gasoline. I also review a recent Merrill Lynch study on the role of speculators in the energy markets. This should be one of my more interesting E-Letters....