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Oil prices - a speculative bubble?

Do current oil prices reflect a speculatively fueled bubble? Or is this a market that's finally waking up to the increasingly tight supply & demand picture of recent years?

I've already made my thoughts known on this issue, so I thought you might like to read some analysis from some of the contributers to The Oil Drum. This will make an interesting preview to some of the energy related items we'll have for you in tomorrow's "Features" post.

Now, most of the crowd at TOD have been pounding the table on a looming peak in crude oil production and higher oil/hydrocarbon energy prices for quite some time. So if you are a first time visitor to the site, do not be surprised to find a dissmissive attitude towards the official projections of crude oil supply bandied about by the EIA, IEA, CERA, and the like. The members of TOD have little time for their overly optimistic (and often misleading) forecasts.

Here then, is contributer Khebab's post, "Are We In a Speculative Bubble With Regard To Oil Prices?". You'll find some links to additional reading on this subject within the post. Hope you find it informative and worthwhile.
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