Oil Speculating honest or in the oil companies back pocket?

The question on a lot of people's minds these days as the price of gas keeps going up is are these oil speculators doing there job or are they in the oil companies back pockets?  This is a very good question considering some oil companies are posting billion dollar quarterly profits.  Yes I did say quarterly.  Now for someone like me who is considered upper middle class this gives me pause and makes me think wow this is ridiculous.  Obviously, the price of everything is up so gas should follow.  The question I ask is the price being controlled at the expense of the rest of us or is it just a legitimate market increase?    The reason's being given as of late are very flimsy.  One that comes to mind is turmoil in Libya who produces roughly 2% of our oil.  It was quoted by economists in the news media that other places could easily up production to replace that 2%.  So legitimate increase or just another flimsy excuse to feed to us dumb Americans who don't know any better? 

The most ludicrous comment I think I heard about all of this came from a comment on our local news story about the price of gas.  A person said the complaints were coming from uneducated lower class people and that oil company profits were not greedy they created jobs.  I may not understand all the ins and outs of speculating but I know this is crap. I have done extensive research on this no oil company has added jobs.  In fact, some have even reduced the size of their work force while posting record profits.  The high price of gas hurt the economy and in turn indirectly cost the loss of many jobs.  I know this because my husbands company was a large fortune 500 company that was adversely affected by the price of gas and had to lay off over 7000 people. 

Presently they are already "speculating" that gas will be up over $5.00 a gallon.  They have been saying that for months already and it makes me ask if they have a crystal ball and can see that far ahead or if they are trying to drive the prices up?  I know speculating is a guessing game but it is supposed to be the results of current or possible happenings not just saying I think in 6 months gas will be $5.00/gallon

I am aware that a lot of things affect the price of oil/gas but should there be more controls in place to protect the average citizen and our economy?  Are the market speculators given to much power?  With the current happenings it makes me have to ask.