Peak Oil Bubble?

Glenn Reynolds points to this article suggesting there may be a bubble in oil. Even though the trend is up, the shortrun fluctuations are nominal and not real.

Since 2003, worldwide oil prices have quadrupled. According to a new study, the price of oil is rising at a faster-than-exponential rate, and cannot be sustained. In other words, we’re in the midst of an oil bubble, say researchers Didier Sornette and Ryan Woodard of ETH Zurich in Switzerland and Wei-Xing Zhou of the East China University of Science and Technology in Shanghai, China.

This is certainly the time for people to be studying bubbles if they're macroeconomists. Good grief, another bubble?