High oil prices affect nearly every household and business in the United States. During the course of 2008, oil prices doubled to more than $145 per barrel and then fell by 80%. In early 2011, there was a run-up of about 20%, sending gasoline prices to near 2008 highs. This book provides background on financial speculation in oil, the workings of oil derivatives markets, and the different types of firms that trade in those markets. Also discussed are the concepts of manipulation and excessive speculation, and the fundamental factors that affect oil prices.