Rush Limbaugh's Morning Update: Oil

In early summer, as crude oil was inching toward $150 a barrel, I, El Rushbo, predicted that the "bubble" would burst -- that oil prices would fall. At the time, legions of analysts were predicting the exact opposite; some even said that oil would reach 200 bucks a barrel.

Well! This past week, Goldman Sachs -- among the firms predicting the $200-a-barrel price -- lowered their projections. They now estimate that by the end of the year, the price will hover between $70 and $115. Their analysts say that they "underestimated the depth and duration of the global financial crisis" and its impact on commodity prices. (They never saw it coming! Bunch of frauds!)

Obviously, lower gas prices at the pump are welcome news, especially in light of the new financial strains the consumers are experiencing. Home values are still dropping, retirement portfolios are diminished, and food prices are still going up a little bit.

Oil prices have fallen, but this isn't the time for complacency. Democrats are promising to reinstate the ban on oil drilling... after the November elections. And their environmentalist-wacko buddies -- who laid low during the runup on oil prices -- are preparing scores of new legal challenges to ensure we cannot drill, ban or no ban.

So let me give you another prediction (I'm good at this): If there is a President Obama, and more Democrats in Congress, you're going to see the return of higher prices. The battle over oil -- and the other forms of energy that we need to grow our economy -- is not over by a long shot... and you can take that to the government-owned bank of your choice.

Read the Background Material on the Morning Update...
• AP: $200 oil? That's so 2008