We had tulip bubble, railway bubble, palladium bubble, Internet bubble, housing bubble, ⦠and they all came to an end. Who knows? The oil bubble might keep on inflating for a little bit longer. It also depends, if people keep on electing anti-scientists, warmongers and oilmen as their leaders. I believe, that with responsible governance, 20 years from now, oil-bulls will look like fools. E.g.: Cost of Iraq war: $1 trillion over 5 years (low estimate). Cost of this project: http://www.iter.org/a/index_nav_2.htm $10 billion spread over 10 years. (That is 0.5% per annum of the war expenditures).
This isn't the housing market, this an industry ruled by its makers. And its makers are making a lot of money. With the BRIC nations on the rise, there won't be stoping it. So dream on