Speculation can work both way. Speculation just amplify the supply & demand imbalance. Right, people think demand will out strip supply, so they bet that price will go up. However, if the imbalance swing the other way, where supply is suspected to dramatically increase or if demand is expected to dramatically decrease, price would drop through the floor, well pass the “fundamental” price. So, instead of trying to patch the problem by going after “speculators”, why not fix the root cause of the problem, which is supply & demand imbalance.