Oil prices, even WTI, set a record for any January - EVER. Unless something drastic happens, average Oil prices for February, even in the pipeline screwed up WTI, will set a new record. While WTI is $108, Brent is over $124 per barrel... in Euro's, the price of Oil has never been higher.
It would appear, given Oil and Gold, that the world's central banks have been able to overwhelm deflation in credit... though the bond market has not confirmed that.
Peak Oil is about to be back in the media spotlight... after all, if 2008 was just a bubble.... bubbles do not reflate that fast.