I couldn't agree more. Oil is bubbling away like mad at the moment! The price of oil is not reacting to normal market forces in any meaningful way. It is purely speculative and will eventually cool rather quickly.

People go mad in herds but return to sanity one at a time. When somebody eventually wakes up and points out that the price of oil isn't based on anything other than an expectation that the price of oil will continue to rise and consequently bears no relation to the supply demand equation it'll start to fall.The only thing left to wonder if how high it could go before that happens and consequently how hard and fast that fall will be.

I could easily be wrong about this and I realise I'm in the minority since most economists think these prices (and higher) are the new status quo but at least I'm in good company; George Soros seems to think it's baloney as well.