I guess if you define “Bubble” as irrational increase in the price of any asset, overvalued compared to its fundamentals, then you’re right, the energy sector may not fit this definition.
If public traded traditional energy and alternative energy stocks going thru the roof, and demand never materializes then this will fit the classic bubble definition.
The fundamentals in the traditional energy sector(oil, natural gas, oil services) still seem to be strong.
