objective

We're Nearing Crunch Time for Oil

Some observations:
On 5/2 Nymex Volume on the June 08 Crude oil Contract was
277,973 ( I assume that is contracts). At 1,000 bbls per contract
that is 277.97 Million bbls. that day, other days in the last weeks have had similar volumes.
Global oil consumption is 85 Million bbls. per day.
US consumption is 20 million bbls per day.
Why would the US futures mkt. have to trade over 3 times the actual consumption of the underlying for the globe, and over 13 times the US consumption on a given day?
I'm not even considering add'l volume on foreign exchanges and OTC trade in oil.
US airlines (big users) ex-Southwest dont even hedge, btw who does hedge? FEDEX? UPS? JB Hunt? YRC? CSX? Doesnt seem like they do come earnings time.
If my above assumptions are correct. I have to also assume the big volume is from speculation.
$8700 to go long 1,000 bbls. (~$115,000 value) for NYMEX.

I am a non-professional trying to improve my understanding of this oil issue. If any of my assumptions are incorrect I would appreciate feedback.
Thx