When people try to rationalize markets behaving in an irrational manner it should send up red flags. How many people argued that these were "new" times during the dot-com and housing bubbles, and that historical fundamentals no longer applied. Look at how much money is being poured into oil and other commodities, reminds me of all the hacks who became day traders and idiots flipping condos. The mentality is like an investor swarm of locusts trying to get rich quick while driving up each "hot" investment vehicle until the bubble pops and what's left is a disaster. Then the swarm will move on and wreck the next great investment. Perhaps, this will serve as a wake up call to get serious about our future energy needs.