During the housing bubble of 2002-2005, new spec homes were being thrown up by the millions.
Where's the new oil being pumped to meet the so-called bubble demand of 2008?. There isn't any. And you can't blame Harry Reid or Al Gore for the fact that there are no existing oilfields outside the US which show significant volume increases over the last couple of years.
Oh, it's coming - every drilling rig in the world is running right now.