A few days ago we wrote that "Either Oil Soars Back To $88, Or Energy Stocks Have To Tumble By Over 40%." The basis for that analysis was a forward Energy Sector multiple which last week was just shy of 24X. It's time for an update because following today's latest surge in energy stocks, the most recent forward P/E multiple for energy companies is... well, see for yourself. At 26X, this is the highest forward P/E multiple since the dot com boom, and at this rate of rising about 10x turns per month, may hit an all time high by the end of the month. Indicatively, the long-term average P/E multiple for energy companies is just over 13x, which means that as of this moment, the market, in its infinite discounting wisdom, has already calculated and already priced in that the energy sector can easily double its forward earnings from their current depressed levels.