Luckily, I was bearish on oil until recently. I said to short oil when it was at $120 per barrel on 04/23/08. I was a little early to the party, but oil did drop below $33 a barrel in December of 2008. Oil plummeted $114 a barrel after reaching its record high last summer.

But, now I think oil has bottomed and will head higher. My fundamental and technical indicators are pointing to higher oil prices.

It’s disappointing that Americans seem to forget about our dependence on foreign oil as oil prices drop. In the 1970’s we got a wakeup call when people experienced gas shortages and rising fuel costs. Then it happened again, when oil spiked up to $147 a barrel last July. You heard lots of talk of switching to electric cars and cutting off our addiction to foreign oil. It’s disheartening that you don’t hear much about this