You're confusing speculation on futures contracts with speculation on actual items.
Take the case of tulips. Speculators buy physical tulip bulbs and hoard them, driving the price up, causing more people to buy tulip bulbs, etc.
The same thing happened in the housing market - people were buying houses, not to use or rent them, but just to resell them later.
For that to happen in oil, speculators would have to actually buy oil and sit on it waiting for prices to go up. But for the most part, the speculators never actually touched a drop of oil. They bought futures contracts, and resold them before they came due. They weren't actually taking the oil off the market, so they couldn't cause a bubble.
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