first you need to seperate oil from gas as they are two seperate distinct markets. At some point their may be a pullback in oil but gas fundamentals point up and when the first hurricane rumbles toward the gulf of mexico, gas will rocket up. In the mean time it will creap up on the short supply that exists to fill storage for the winter heating season here. Most new electric generation facilities coming on line are gas powered so demand is increasing as well from that source.
Now royal energy is setting on the possiblility of a huge discovery that is not priced in to the stock yet and based on what the two buyouts have been priced at, its way undervalued on that account too.
So just saying oil and gas are in a bubble just doesn't cut it!