Houston is a long long way from Calgary, and yet the same type of irrational exuberance appears to be taking hold at EnCana Corporation. In mid-October the company announced that it will build the tallest office tower in western Canada, a 59-story architectural landmark slated for completion by 2010. The building is expected to cost over $1 billion and will have more than 18 million square feet of office space. Designed by the famed London architectural firm Foster & Partners, the building will be crescent-shaped and will be called The Bow, after the Bow River, which cuts through Calgary.

All of this leads to our latest and greatest correlation: the taller the oil building, the lower the oil price.