and when oil doubled to more than $147 a barrel, no one was more suspicious than dan gilligan. >> we have to make sure that the futures market is an honest market. >> as the president of the petroleum marketers association, he represents more than 8,000 retail and wholesale suppliers, everyone from home heating oil companies to gas station owners. when we talked to him in the summer of 2008, his members were getting blamed for gouging the public even though their costs had also gone through the roof. he told us the problem was in the commodities markets, which had been invaded by a new breed of investor. >> approximately 60% to 70% of the oil contracts in the futures markets are now held by speculative entities. not by companies that need oil, not by the airlines, not by the oil companies, but by investors that are looking to make money from their speculative positions. >> they don't actually take delivery of the oil. >> no, all they do is buy the paper and hope that they can sell it for more than they paid for it before they have to take delivery. >> so they're trying to make money