TULIPOMANIA AND OILMANIA

• OIL PRICES APPEAR DISCONNECTED FROM SUPPLY AND DEMAND;
• IOW: IT'S A BUBBLE, NOT UN LIKE TULIPOMANIA:

This situation has entered cloud cuckoo land, as we and some industry veterans continue to say. Observing a mania from outside the bubble, this tulip bulb foolishness and NASDAQ 5000 moment on steroids, is perhaps good for the psyche, but it still hurts the pocketbook. This foolishness is likely to end very badly for the worthies who are betting on $10 a gallon gas — but when?

• WE CAN FIX THIS EASILY: OPEN ANWR AND OPEN THE COASTS OFF OF CA AND FL FOR OFF-SHORE DRILLING.
• THIS WILL SEND THE RIGHT MESSAGE AND PIERCE THE BUBBLE.