A Passing Thought

So back in July of 2008, when oil was around $147 per barrel, I remember hearing how the main reason for this price increase was the demand from - specifically - India and China.

Now with oil down around $35, and America in a recession, I am just thinking: How much did India and China really impact oil prices? Without trying to ask a rhetorical question, were we being lied to completely while oil companies were raking in over $100 billion dollars per quarter? Who/what should be held reponsible and accountable if these markets were being controlled by the companies and speculators, and not true economic-based supply and demand conditions?