High Gas Prices: Blessing in Disguise?: The Future for Investors - Yahoo! Finance

High Gas Prices: Blessing in Disguise?: The Future for Investors - Yahoo! Finance: "But I don't believe the whole energy sector will collapse. When the tech sector was the best performer in 1999 and 2000, its valuations became exorbitantly high (two-to-three times greater than market multiples). Energy is not even close to this. Based on current earnings estimates, the price-to-earnings ratio (or 'P/E ratio,' a critical valuation factor) of the energy sector is now about 11, the lowest of all 10 economy-wide sectors and far below the 17 P/E ratio for the market. And these earnings estimates of oil firms are based on oil falling back to the $50, which is a very conservative price. So it's quite possible for earnings to surprise on the upside."