Leeb on the oil 'bubble'.

jacksonsun.com: Author, chief of investment firm weighs in on oil crisis.

Quotes:

Question: Is what we are seeing with oil prices a pricing bubble, or are high oil prices here to stay?

Answer: With the housing bubble, people were just building and building and building and eventually the supply overwhelmed the demand in the housing case. But here, where is the supply?

You've got oil prices rising dramatically, but there is almost no evidence of increased supply. I mean in the past couple of months we have had both Saudi Arabia and Russia, which are the two biggest oil producers in the world, announce not in so may worlds, but certainly imply, that they have very little room left to increase oil production even going into the future, and that is not what you see in a bubble.

Basically you are seeing the market respond in a very rational way. Oil supplies are limited, and that is a very serious situation.

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This bubble talk is ridiculous.