Eric Bolling

A couple of big pieces of information over the weekend, Steve.

Number one, we've basically essentially worked through this cushion.

We had a very large cushion of excess oil production and also in storage here in the United States.

We've now worked through that.

And it's relevant in one second.

I'll tell you why.

And the other one is all the oil that was shipped.

So the

We've been talking about how long it takes for a barrel of oil from the time of purchase to when it becomes a gallon of gasoline takes about 45 days.

The last oil, pre-war oil prices, so in other words, loaded onto the vessels have hit our shores right now

Everything after this point going forward will be the higher-priced oil.

Now, think about that for a second.

We're already seeing $4 on the pumps here in America, and we haven't even started using the higher-priced feedstock oil, which will start happening within the next day or so.

So pump prices are going to continue to go up.

We're looking at $103 in West Texas Intermediate as we speak, $114, $115 in the Brent as we speak.

Steve, I said this earlier, I believe...

I said earlier a little bit early, but I believe $120 for West Texas Intermediate is baked in the cake right now.

Now I really believe it because I had not realized that all these prices were based on oil that hadn't hit our shore yet.

We've essentially run out of cheap oil into our refineries.

you're going to see a $5 gallon of gasoline.