Remember, Roger, that every trend continues until it stops. Which is a fancy way of saying that there is no way oil could remain consistently at $100 per barrel. Indeed, I’d argue that the current $55 to $60 price includes a far-too-sizable risk premium than is warranted. Oil at $100 per barrel for any length of time would lead to severe economic dislocation and that in turn would sharply decrease the demand for oil in turn.

I’m not suggesting that oil will go to $25 barrel anytime soon…but I’d certainly hold off making purchases based upon a run up in oil price that looks suspiciously like a bubble.