Oil Surges Above $62 as Iran Seizes British Marines, Pursues Atomic Program
Don't look now, but after briefly dipping below $50 in January, oil has soared 20% as Persian Gulf tensions steadily increase. In Iran, which has the second biggest oil reserves in the world, 15 members of the British Navy were taken hostage at gunpoint. Add unrest in Nigeria, escalating tension with North Korea and the summer driving season...and all signs point to a breakout for prices.
Eric Bolling says if geo-politics spark up, oil prices could rise substantially.
He adds gasoline is trading over $2 a gallon on the exchange, which translates to $2.80 at the pump. Eric anticipates seeing a $3 pump price across the nation and says the play is the refiners. As on past shows, Eric recommends investing in Valero (VLO).
Dylan Ratigan says to Eric, a viewer wrote in asking about your view on precious metals in light of the dollar dropping after The Fed announcement.
Eric says as the dollar drops it take more of those dollars to go after gold, copper, uranium and the like – that will lead to upside in the commodities markets.
Tim Strazzini adds the rising price of oil doesn’t make him nervous now because the market has already seen these levels. If it hits $67 a barrel then he’ll be nervous.
On MAR 23, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Bolling Gold, Silver Strazzini Owns (T), (VZ), (MPEL), Soybeans, Is Short Corn