$49 and Counting

Oil's back up to about $49 per barrel.

You know the administration is panicking just a bit over this. First, they opened the strategic petroleum reserve -- which John Kerry recommended weeks ago -- but of course this was too little, too late. Next, we see more attacks on Iraqi pipelines. to accompany kidnappings (six today). Of course, there is the nightmare known as the illegal Russian seizure of Yukos Oil -- that country's largest oil company and one of the biggest in the world. Even the Chinese (the CHINESE!) have expressed concern about Russia's handling of this mess.

Putin has jailed the leaders of this company for speaking out against him and supporting opposition candidates. But our President can't say anything because he needs Putin's support on Iraq.

This is gonna translate into higher prices at the pump.