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July 13, 2009 11:00AM

Oil’s Wild Ride

By Eric Bolling

Hardly an hour passes that I don’t get a call, email or tweet asking my opinion of oil prices.


For the record, I was “out there” in January calling for this recent run-up in energy prices. In fact, on more than one occasion, I literally dropped to my knees on TV and pleaded with the Obama Administration to buy 300 million barrels to beef up our Strategic Petroleum Reserve.


(See Street Meat Jan 27, 2009)


At $33 per barrel then, they would have saved America $12 billion.


In an era where “trillion” is thrown around Washington like H2O, $12 billion doesn’t sound like much — but $12 billion is still a lot of money!


That was then….This is now….


Now that oil has risen sharply (to over $70 per barrel) in a few short months, there is no doubt that prices may ease a bit.


My gut is that $50 will be a strong floor to prices. However, as long as there are thuggish dictators ruling the major oil producing countries, oil will be susceptible to price spikes.


Think Hugo Chavez, Venezuela’s Thug Dictator (2+ million barrels per day).


Mohammed Ahmadinejad, Iran’s Thug Dictator (3.5+ million bad).


Vladimir Putin, Russia’s real leader and a Thug Dictator (9+ million bad).


Bottom line…


Expect wild swings in oil prices going forward as the world’s oil supply rests in the grasp of greedy leaders interested in lining their personal bank account and hurting their enemy — America.


Now, Congress is trying to sell the American people a load of snake oil cutely named “cap and trade.” If it walks like a tax and quacks like a tax…it’s a TAX.


Also affecting oil prices is the most recent erroneous target of high energy prices — speculators. An easy target, but speculators lose money at times too.


The real reason oil isn’t cheap: We import billions of dollars worth of the stuff instead of drilling our own plentiful sources.  We are sitting on hundreds of billions of barrels of recoverable oil right here in the U.S.


If you want to send a message to OPEC and the thugs dictating our energy prices, tell your Congressman that you are in favor of accessing our many domestic oil reserves instead of sending our hard earned income to people who hate us.


Then sit back and watch prices (and Oil Thugs) fall.


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