The oil price spike of 2008 was definitely driven by more than the "fundamentals of supply and demand". Speculation by such notables as Koch Supply & Trading LLP and Boone Pickens appear to have had a lot to do with the 2008 spike. Read this article by Lee Fang of Thinkprogress.
An excerpt: "Professor Michael Greenberger: When you look at it carefully, the speculative money has all been heavily weighted in the favor of buying in the direction of the price going up. […] They go in and buy long in the regular futures market, which sends a long signal to the market, that there’s a supply problem that really doesn’t exist. To keep their long bets in place, they have to do something called the “Goldman Roll,” which is these contracts don’t go on forever. They expire. So what they have to do is sell short to get out of the contract when the expiration takes place, then roll around and buy long again to keep the long bet on the books. So the long bets are predicated on intermediate short bets, that are canceled out within three or four days of each other".