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FBN's Eric Bolling weighs in on oil prices and the strategic petroleum reserve release.
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On Imus in the morning and Eric Bolling as the host a follow the body which you can watch wheat that's at 10 PM eastern time on the Fox Business Network and it's also our authority in house on the oil market when you say mr.
Bolick.
Every -- and again.
And if this is allies ended up ahead do it every now and again you're right right once in awhile like for the past six years in gold and oil -- -- Yeah strategic petroleum reserve and they released oil from him you were on.
Actually who will do this you rob Fox News Channel the date they released a strategic petroleum reserve -- the oil from at the announcement was made and you said this cultural.
But I'm telling me it's not the other three times we've drawn down the SPR.
Oil went down for a few days maybe even a couple of weeks and then guess what happened look at that go back in history look at the charts -- -- -- people realize.
Guess what we still need the oil.
Oil prices skyrocketed after both of those occasions including actually three including that the Clinton dried out so.
It may work but it's only gonna work for a couple weeks of may be a month or so and and guess what I'm I'm I'm telling -- Prices are gonna be higher than they are right now boils up again -- let's -- I would I was wrong -- -- IM SN and Warner thing or -- get it was 3331.
-- 3330 tell how -- literally not a month they are gonna take -- -- few weeks but here we -- oil went from at the time of the release that morning -- 94 dollars a barrel by the -- on its way down already.
Went down to 89 dollars a barrel that same day it very day went -- 89 now guess what we are -- Bible -- 85 high -- Exactly higher than the price the day before the morning off.
The oil released no it lasted exactly one week it reinforces your case that this was strictly political move by the administration but what I want you to do is explain to people watching -- Why why didn't it work why didn't oil dropped more -- it didn't work because we haven't changed the fundamental dynamics of the oil market.
Supply and demand didn't change.
We -- thirty million barrels on the oil market by the way we used -- -- million barrels a day here so we dated data half's worth we threw it -- to the oil onto the oil market.
And we changed the the dynamic the supply demand of buying selling whatnot at that point we've -- most of traders on Wall Street like.
What really you're kidding right and they said they looked at that as an opportunity.
To buy some cheap oil for one week and they did for a week they bought cheap oil and guess what's happening it's on its way back up at the exact wrong time I might add.
Driving season in full force this weekend's fourth of July we have and a bicycle pump are going -- consumers want to know -- forget about the what's going on in the oil market who shorting bought who's doing what their consumers -- -- know what our prices at the pump going up even more than -- to -- they have to over the over time because we're not drilling more oil here all all we're doing is releasing a reserve that right we should be there anyway we really need to.
To fix our drilling policy there are other countries -- -- in the Gulf of Mexico foreign countries drill the company's drilling in the Gulf of Mexico with fewer restrictions and now may -- Denver taxes given the recent dot.
You -- if recent things going through the Obama administration to to lower deficit we.
Our or -- oil companies may be taxed at higher rates.
Then a foreign company coming over here in saying we're gonna drill drill your oil you can watch a lot.
Eric -- every night on the Fox Business Network 10 PM except Thursday's right what's docile as others that follow all the money and then I see big news about -- yesterday you're involved under new Fox News show huge -- -- -- -- -- all about -- five it's a panel show it's really dynamic day's news at 5 o'clock.
On the Fox News Channel and now we can see we're because of the a lot of a lot of -- the place of Glenn -- through the summer beginning -- a week from.
July 11 focus that's a week from Monday which Monday this is going to be.
The panel shows they got I know the judges involved in that you're involved in that there's a group of -- you know ten -- so Geraldo right Gutfeld all right -- -- The bailout fund will be watching 5 o'clock we -- Monday Eric Bollinger watching the night on fox this is Lou -- because Fox Business is coming up here just -- Radio talk show host Michael Graham the latest on Dominique Strauss -- -- to do its.
