Why may an option be considered a speculative investment?

Because not only do you have to guess the direction of the market, you also have a time constraint.
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An option expires, so you may be able to guage the direction a stock is going, but the time it is going to get there is a different guess. It's like a roulette wheel. You can bet on 17, but you need to bet on 17 at the right time to win. If you are looking at options to maximize returns, you should consider www.economicinvest.com instead. They will maximize your returns with their picks and philosophy.

I think one big reason to consider many options speculative investments is that they have no intrinsic value. A call option with a strike price of $35 when the stock price is $34 gives the owner the right to buy the stock for $35 for a certain period of time. As long as the stock is under $35 per share it obviously would cost less to buy the stock on the open market than it would cost to exercise the option.

While the fact that options have an expiration date might make it a speculative investment to some people, it is not a characteristic unique to options. If you buy a bushel of peaches and do not sell them quickly enough, they also become worthless.

Actually, the speculative nature of an option is simply determined by whether you own the underlying stock.

If you don't, you are speculating on the stock price movement. GOOG trades at $400. You buy a call option that grants you the option to buy the stock for $410. The stock price then jumps up to $450, so you exercise the option making the other person sell you the stock for $410... sell it in the market and profit $40(minus the cost of the option).

If you do, you are hedging against the stock price movement. This could be like insurance for the stock, if it falls you can limit your loss. Suppose you buy GOOG for $400 but you are only willing to loss $20 you could buy a put option that grants you the option of selling it for $380. If the stock tanks and is only worth $300 at the option expiration date you would exercise your option to make the other party buy a stock worth $300 for $380. Therefore, limiting your loss.

There are an unlimited combination of strategies I could explain that could be for both hedging or speculation purposes. The costs, payoffs, and profits (losses) are important to understand.