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Eric Bolling, Fox's "Oil Expert," Is an Expert at Mixing Oil and Politics

Reported by Melanie - September 16, 2008 -

On July 16, Fox's oil "expert," Eric Bolling, said this about oil prices: "I think that $130.00 — if you trade below $130.00 in the next couple of weeks — I think we're going right back to $100.00. By the way, back at $100.00, that's about a $2.50 price at the pump. It's all good news. Oil goes down, the stock market goes up. It's easy."

Fast forward to Bolling, yesterday (September 15, 2008), on Your World: "Typically, you know, you see a $40.00 move down or a $45.00 move down in oil, it takes time for that price to get through to the pump, so give it a good 20, 30 days or so. Expect pump prices to approach that $3.00 price nationally, you know the national average, eventually...maybe by the end of the first quarter of '09."

Comment: The "end of the first quarter of '09" isn't exactly "20, 30 days or so." It's 198 days to be exact. And what happened to $2.50 per gallon? Now he's sayin' $3.00. But the money line? "Oil goes down, the stock market goes up. It's easy." On July 15, the day he said that — during the height of Fox's push to drill, drill, drill — the Dow closed at 10,962, under 11,000 for the first time since July, 2006. As I type this, the Dow sits at 10,946. Oil is down roughly $50.00 a barrel but, two months on, the stock market is virtually unchanged. Man, this guy makes my head spin. Given his history (here, here, and especially here) it seems he'll say just about anything. Next thing you know, he'll tell us oil will be at $1.50 on November 5 if, and only if John McCain wins the election.