In the energy market Monday, crude for June delivery spiked higher, shooting to yet another record intraday high of $119.93 before easing to close at $118.75/barrel, up 23 cents. June reformulated gasoline fell 2.3 cents, to $3.0307/gallon.

Remember the 1970s? “It was the decade of strikes, electricity shortages and piles of rotting rubbish on the street,” recalls a BBC report. Your editor is old enough to remember homework by candlelight, the three-day week and grim-faced militant union leaders such as Arthur Scargill barking pay demands every night on the TV news.

What’s the difference between a boom and a bubble? Can we expect every booming market to someday burst and envelope anyone short-sighted enough to hang around?