Fox's Oil Expert - Eric Bolling - Makes my Head Explode
Reported by Melanie - October 6, 2008 -
I tell you, I can't keep up with Fox's oil expert, Eric Bolling, "the world's leading oil speculator" as David Asman called him. Over the course of the last three months he has said several different things about what's going on with the price of oil and it isn't adding up.
Let's start with what he said today (October 6, 2008):
Oil has "come full circle" in, "what is this? About a year and a half now?" ... "I think it has a chance to go back down to $70 a barrel and that's really good news. I think we could see $2.50 gallon eventually, going forward, and it has nothing to do with the economy. This is where it should have been." ... "When the dollar price goes up, the price of oil goes down."
Problem #1: On July 16, Bolling said, "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." Thing is, we're at about $93.00 a barrel today and a gallon of gas sure ain't selling for $2.50 a gallon in my neighborhood. I guess the new "news" is that we have to reach $70.00 a barrel before we hit $2.50?
Problem #2: Another thing Bolling said on July 16 was, "Oil goes down, the stock market goes up. It's easy." Oil peaked at $147.37 a barrel on July 11 and it has been falling ever since, as has the stock market. So if you ask me, that alleged truism is bull.
Watch Fox and, despite the evidence to the contrary that is staring you smack dab in the face, good times are right around the corner? Or, they're here already, but we just haven't noticed yet? Er, something...?