In 2008, we had a huge oil bubble. The crude oil shot up to $147 per barrel. Now with crude up 99% in 75 trading days, are we going to have another oil bubble?

(graph via Bespoke Investments)

WSJ compares the similarities and differences between the current oil runup and the spike in 2008.

The rapid rise in the price of crude-oil futures, which touched $70 on Friday, is sparking fears of a repeat of last year’s energy rollercoaster.

Crude oil futures on the New York Mercantile Exchange on Friday hit $70.32 before closing down 37 cents at $68.44. Prices remain well below what they were a year ago, when oil was selling for more than $125 a barrel, but the climb in recent months has been even steeper than last year’s.

Prices have more than doubled since closing at $33.98 on Feb. 12, the recent low. They’re up more than 50% since the start of 2009, compared to a 33% rise during the same period last year.