ST the most interesting aspects of that graph (and I agree it is a year old) is the comparisons to be seen.
Pre the 70s oil shock, caused by the towelled ones turning the tap off, oil was a rock steady, near constant price.
After the 70s/80s oil shocks, about the time futures traders discovered the money to be made in derivatives, it's a near constant sawtooth graph.
Anyone, with hand on heart, prepared to suggest that sawtooth pattern is
not manipulation
Through the 80s and into the 90s it averages around the inflation corrected price it was all through the 50s, 60s and early 70s.
It then climbs through the roof again in the last few years...as you so rightly point out, due mostly to supply/demand and opportunistic trading.
As far as waste is concerned I could not agree more strongly. I am constantly amazed as I cross the world, mostly back of the clock, at the
grotesque waste of countries light up from one end to the other..at 0300LT
The other hugely wasteful practice is the beancounter driven, globalisation practice of central manufacture and extended distribution. Instead of the old days of factories spread all over producing whatever and a fairly localised distribution network.