THE OIL BUBBLE IS LEAKING - MAY BE ABOUT TO POP

Reliapundit has been faithfully documenting his theory that the run-up we are seeing in oil prices has all the classic features of a market bubble.

It appears Reliapundit may, yet again, be correct:

NEW YORK (MarketWatch) -- Crude-oil futures fell further on Wednesday, with traders reacting to growing concern that high gasoline prices at the pump will cut demand.

Crude for July delivery fell $1.65 to $127.20 a barrel. The drop in oil prices follows a slide of more than 2% in Tuesday's session on the New York Mercantile Exchange.

More here.

UPDATE: SOROS AGREES IT'S A BUBBLE.