You can find the “60 Minutes” clip on oil speculation here on the Accidental Hunt Brothers website. Given the constraints of a 13 minute television piece, I thought the show did a good job outlining the issue.
For me, the most telling point was when Mike Masters reviewed the EIA (“Energy Information Administration,” part of the U.S. Department of Energy) statistics which showed that during the period of the rapid rise in crude prices, the first 2 quarters of 2008, world petroleum supply was actually increasing and demand was decreasing. The supply/demand environment is wholly inconsistent with the move in the price of oil — the increase in investor speculation during the period is the best explanation for this anomaly. The EIA stats can be found here (Excel spreadsheet).