I think that you are on the right track. The parabolic move of oil upward from $10 per barrell smacks of a bubble. "The greenies" are a straw man. They are fleas compared to the goliaths of big oil and other multinationals with a vested interest in oil being at alltime highs. When the bubble bursts (soon), analysts will compare this era to other parabolic bubbles of the past that were rationalized by (at least partly) specious theories like "peak oil" and exponential, unprecedented demand increases (India/China). The party is almost over with Bush and Cheney on their way out.
Remember rolling blackouts, the spot price of electricity in Kah-lee-for-nee-yuh, and Gray Davis? Remember all of the thories about what was supposedly responsible? Remember how Enron then got caught? Well; not everyone who does what Enron did gets caught. In fact, most don't, imo, judging from my experience as a consultant to public companies in the energy/resource sectors.
The real question is; what's the next bubble now that real estate and oil are just about over? Will it be nuclear (uranium)? Will it be alternative energy (esp solar)? How about water? How about all of the above and more...
Wow! I am so happy to be back at RWG! I forgot how much I loved this place and all of the great personalities in the community. It's been almost two years since I've set digital foot in here (I frequented RWG1). The best gathering of people I've ever experienced online, without a doubt.
Cheers all,
FFF