Debate over oil prices long over due...

The debate behind the reasons for $80 oil is finally gaining some needed exposure as many point out there is no reason for oil to be that much per barrel at this point in time:

Although top oil executives feel $80 is too high, there's an ongoing debate among experts as to whether that price is justified.

Since early 2000 the strong and growing oil demand in the U.S. and abroad with fairly static supplies is the main reason behind oil's surge, according to most analysts. Oil has gone from $20 in 2002 to over $80 today.

That price jump has also attracted lots of investors, which could be the "something else going on" that Tillerson believes is driving up prices.

"There's clearly some financial players pushing up the price of crude," said Carol of Johnson Rice & Co. "Given the current supply-demand scenario, $80 is not justified."

But opinions are split as to just how much speculative investors are driving crude prices.

Or is it still a simple issue of perceived supply and demand?

"Worldwide demand for petroleum is still growing faster than non-OPEC production" and that's what caused the price run-up over the last four years, said (EIA economist Tancred) Lidderdale.