Bush’s Secretary of Energy, Sam Bodman, is against removing speculators from oil futures; is he correct?

Says that it is purely a supply and demand issue to explain the doubling of prices in a year. By the way, this is from his Bio…
“From there, Secretary Bodman went to Fidelity Venture Associates, a division of the Fidelity Investments. In 1983 he was named President and Chief Operating Officer of Fidelity Investments [...]