Oil 101 and How the War in the Middle East Affects the Market with Legendary Oil Trader Mark Fisher
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- When I get together with my entrepreneur friends, we often commiserate about how hard it is to hire, especially when you're on a deadline. It is such a tough hurdle to overcome because it takes a whole lot of time to search for great candidates and then sort through all the applications.

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So recently I started looking at my wellness routine and I wanted to see if there was any way I could enhance my results. I looked at my vitamins and I realized they were not as clean as I had thought. The list of ingredients was long with things like gelatin and artificial flavors, which obviously have no added value and can cause some digestive issues. After doing some research, I came across Vimergy. Vimergy makes liquid vitamins and supplements that use clean ingredients and are not loaded with unnecessary fillers and binders.

like citric acid. And because they're liquid, they absorb faster than tablets, gummies, and capsules. And they're much easier to take if you have difficulty swallowing your pills, which I always have. It's a whole process. I've tried putting the water in first and then the vitamins,

And unlike multivitamins, you can actually customize your vitamin routine so you only take what you need and nothing you don't. They're honestly so easy to integrate into my day. I just add them into my morning juice or smoothie and at night in my tea before I go to bed. Right now, Vimergy is offering my listeners free shipping using the code MNN. And you can save up to 12% with their Mix and Save program. That's Vimergy.com, V-I-M-E-R-G-Y.com with code MNN.

MNN, as in Money News Network. Try them today. I can't wait to hear what you think and more importantly, how you feel. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Money Rehab

Even if you don't work on Wall Street, if you want to be a savvy investor, or even if you just own a car, you need to understand the oil market. And it is a weird one. It's a tricky one. But today we're decoding that with the legend of all legends in the oil world, Mark Fisher, CEO of MBF Clearing Corp. Mark is a big deal in this space, and he's the perfect person to explain how the heck the oil markets work, what are the variables affecting it, and what's going to happen with the election and the war in the Middle East.

Whether you're trying to be a day trader or just get really smart about the forces that move the markets, this is for you.

Mark Fisher, welcome to Money Rehab. Thank you for having me. Fish. I can call you Fish. Everyone else does. Okay. So originally we were going to chat on Monday a couple of weeks ago when the market was freaking out. The market has since recovered, actually, and then some, but you still see lingering effects of this mess, or do you think the worst is still to come? The worst is always still to come. It's just a matter of how you define the worst, Nicole, because what happened a couple of weeks ago when the volatility spiked and everything else is

The market has these uproars all the time. It's just a matter of how you define the uproar. But this is going to happen time and time again, especially with all the chaos in our election process, chaos in the environment, chaos going on in Israel, chaos in Russia. This is just the opening act. So how do you define the worst? The worst to me would be something that, you know, has not happened, which would obviously be

nuclear conflict. Besides that, everything else, the markets basically digest everything. Because what typically happens is, think about what happened a couple of weeks ago.

The minute Iran started lobbying missiles at Israel and everyone thought the price of oil was going to go bananas, it didn't. Why? Because Saudi Arabia and the Middle East doesn't want the price of oil to go up right now for a lot of reasons. One, they want US protection. Number two, they want to make sure the markets remain calm. So basically, anytime Saudi Arabia wants it, they can cap the price, which is what they did. David Sherman :

The only way that couldn't happen is if Iran was to close the Strait of Hormuz. Besides that, they have the ability to cap the price of oil. Saudi Arabia is a shrink producer and they have all the incremental barrels. Currently right now with the political election coming up and with Saudi Arabia wanting to get a security agreement with the United States, there's no way they're going to allow the price of oil to get above, you know, in the United States, above $80, $85 a barrel until after the election, number one. Well, this is a real test show. Like, you know, if Iran or Iran,

the Houthis closed the Strait of Hormuz. Other than that, the price of oil is going to get capped. On the other hand, once, and hopefully sooner rather than later, when there's a peace agreement or a ceasefire in Israel,

and Gaza has to be reconstructed, who's going to pay for the reconstruction of Gaza? It's going to be the oil consumer because they're going to end up raising the price of oil by $10 a barrel at least to go ahead and pay, whether it be a consortium of the UAE, Saudi Arabia, whoever it may be, the United States. It's all going to get raised to the price of oil, and that's going to raise the floor of the price of oil. But for right now, barring a disruption in the Gulf and also –

Barcane, which would affect the refineries in our Gulf, right? Price of oil is stuck in the range. But again, this is not going to last forever. Okay. Well, I'm so glad you're here because you will forget more than anyone I think will ever know about energy. That's your thing. So let's step back because you gave us a lot of good information about the Strait of Hormuz and all the things, right?

But if you could tell listeners just a little oil 101 first. Something I hear from new investors a lot is that they don't even know how to check how oil is doing, right? If you want to know how Apple stock is doing, you type in AAPL, you see what Apple stock is doing, and that's it. But if someone wants to temper check what's going on with oil, how should they start? If I was a novice investor,

The easiest way to do is to go to the CME website, Chicago Mercantile Exchange website. That's where I started my career. Type in the price of oil or go to the Intercontinental Exchange, type in the price of Brent or crude oil, and you'll get all the prices there of what happened that day. If I really want to go ahead and track the price of oil without looking at futures prices, on the New York Stock Exchange, there's a USO product that basically mimics the

the front month of crude oil. And you can just type in symbol USO, and that will basically track the price of oil, but it won't give you the price of oil. So that's a stock that goes up and down based on the price of oil, but it doesn't tell you the price as being $80 or $75 or $90 or $60. When you talk about oil, are you talking about crude oil? Can you define what that is? Yes. Crude oil is what makes the world go round.

Crude oil is the energy source that we use to go ahead and that gets refined into gasoline, heating oil, jet fuel, and all those different products that everyday Americans and every consumer needs. Crude oil itself is just the input. It then has to be refined in a refinery. And I think you live in California, right? Mm-hmm.

Okay. So in California, there were refineries that owned by the state Chevron, who just left the state, by the way, because of all the regulations in California, which is a story for another time. And these refineries crack or basically in layman's terms, take the crude oil, process it and make it into heating oil, jet fuel, synthetics, gasoline and everything else.

And that's what you buy when you go to the gas station. But without that input, you're not going to be able to produce that stuff. Right. If you're not an energy trader, you're going to get energy exposure through energy stocks, right? But there are so many and a lot included there. Can you give us some examples of the different varieties of energy stocks or how you can get exposure? There are big companies like ExxonMobil and Chevron that basically do everything.

There are companies that just participate in drilling. There are companies that just participate in refining the products, which are my favorites, like the Valero, Marathons, PBFs of the world. There's also MLPs, master limited partnerships, that concentrate on different parts of the natural gas market, which is a different instrument than obviously crude oil. There's also people that actually make the drilling equipment.

to drill for oil, like Schlumberger and Halliburton and companies like that. So there's all different, it depends how general or how specific you want to get. Why are refineries your favorites? And what are some of the tickers that you're talking about? Refineries are my favorite, and I'll tell you why. Everyone thinks that we're going to go ahead and go to clean energy in the next 15 years. I don't think so. I think it's going to take 50 years, if that much, because the price tag to go to clean energy right now is still too high. Yeah.

So right now, if you're not going to have clean energy and you can still rely on what I call the old gas casters, right? You need companies that take crude oil and refine it into the products, which we said, gasoline, heating oil and stuff that you use. However, there's not many new refiners ever being built because they know it's one, a very regulated business.

The environmentalists are all over it. And who wants to go into a business where 20 years from now you can be out of business? So basically, these refiners have a monopoly on what they do, a quasi-monopoly. They don't set the price, but there's nobody else coming into business. So if you were to go into a business, Nicole, where you know that there was limited competition and the world thought you were only going to be in business for 15 years, but I think you're going to be in business for more than 50 years and no one else is coming in.

right and everybody doesn't like you but they need you right that's the right right what's going to happen right and if you shut down the world's much worse off right

To me, that's a business that long-term you want to be in. Now, can the refinery margins, the difference between the price of gasoline and the price of crude oil go up or down? Yes. Right now it's depressed. But inevitably, a business that you basically have a moat around it because no one's getting into the business, but everyone needs it. Aren't those the best businesses to be in? Things that everyone needs?

especially if you're one of the only games in town. It's a little supply and demand. What are we talking about? Like what stocks and what companies? I don't like to recommend individual stocks because I'm not a stock guy, right? But if you can look up the tickers, there's Valero, MPC, there's a whole bunch of them. And again, I would encourage anyone to do their own research because I'm not hawking this. But the industry itself to me is a necessity. It's essential.

Right. And people think it's only going to be essential for 10 years. And I think that's for the 10, 15 years. And I think it's going to be essential for a hell of a lot longer. So if you feel that there's a business like that, that's why I think it's viable. And what about renewables?

I don't know enough about renewables, but I can tell you one thing. Let's talk about renewables for a second. What happened in Texas three years ago, four years ago? So what happened in Texas was- What happened in Texas? So the price of ERCOT, which is electricity and power, was, let's say, about $50, $60 a megawatt, which is what it was during the winter. And then they had this crazy storm come. Everyone's saying, well, you're counting on the renewables, wind, solar, electricity.

But what happened is they weren't prepared and they didn't do enough maintenance on it. And the storm came. And what happened to the wind turbines? They all shut down. What happened to solar? It didn't work. And the price of power in Texas for that week went from $60 a megawatt to $9,000.

So all these companies in Texas who were basically suppliers who were middlemen end up going broke. Now they've corrected the situation going forward so that hopefully it won't happen to that degree again. But again, it's not about having renewals. It's about having reliable renewals. All these wind projects throughout the country are all shutting down because A, number one, they're not reliable. Two, they're overregulated. And three, some of them just don't work. So

Yes. Should we go to clean energy? Should we go to, yeah, but we need reliable energy. And I don't think we're yet there to do this. Think about this. Solar power is great when the sun's out, but until there's a battery storage mechanism that can do it when the sun's not there, what happens?

Right. Do we have enough reliable, clean energy? What happens to the most reliable, clean energy that everyone's scared of is, you know, nuclear. And everyone's afraid of it. That goes under the slogan of N-I-N-B-Y, not in my backyard. Everybody wants it, but nobody wants it. Nobody wants a nuclear power plant. Can you explain like what?

what nuclear energy is and why people think that it's a nuclear bomb and are scared of it? It's because what happened in Chernobyl. Everyone's afraid that they're going to wake up and there's going to be a Chernobyl in the backyard. How the isotope works, I was a business major. I'm not an engineer, but obviously it's clean energy, right? But everyone's afraid of a catastrophe. It's all perception rather than reality. I mean, knock on wood, we really haven't had an issue like that in a long time, but

That's the problem. That's the cleanest. And by the way, more and more companies and more and more countries are embracing nuclear energy. I think Biden just put out a platform about this recently. And to do that, you need uranium. It says more and more countries now are embracing nuclear energy. What do you think is happening to the price of uranium in the past three years? It's gone up. So there's no free lunch. And anything we do in clean energy is going to cost money.

Anything in clean energy is going to end up costing the consumer more. It's going to be somewhat inflationary. And really how much, you know, like for instance, everyone talks about the electric vehicles. The electric vehicles themselves, the batteries and everything else that drive these vehicles to produce them create, need a tremendous amount of energy to create them. And they have, you know, so there's all costs and benefit analysis of the whole process. Hold on to your wallets. Money Rehab will be right back.

When I get together with my entrepreneur friends, we often commiserate about how hard it is to hire, especially when you're on a deadline. It is such a tough hurdle to overcome because it takes a whole lot of time to search for great candidates and then sort through all the applications.

Well, if you're an employer who can relate, I have one question for you. It is the same question I ask my friends. Have you tried ZipRecruiter? ZipRecruiter has figured out how to solve this very problem. In fact, four out of five employers who post on ZipRecruiter get a quality candidate within the first day. Right now, you can try ZipRecruiter for free at ZipRecruiter.com/MoneyRehab. So I'm sure you want to know, how fast does ZipRecruiter's smart technology start showing your job to qualified candidates? Well,

immediately. And you can invite top candidates for your job to apply to encourage them to apply sooner. So relax, employers, and let ZipRecruiter speed up your hiring. See it for yourself. Just go to ZipRecruiter.com slash money rehab right now and try it for free. Again, that's ZipRecruiter.com slash money rehab. ZipRecruiter, the smartest way to hire.

So recently I started looking at my wellness routine and I wanted to see if there was any way I could enhance my results. I looked at my vitamins and I realized they were not as clean as I had thought. The list of ingredients was long with things like gelatin and artificial flavors, which obviously have no added value and can cause some digestive issues. After doing some research, I came across Vimergy. Vimergy makes liquid vitamins and supplements that use clean ingredients and are not loaded with unnecessary fillers and binders.

like citric acid. And because they're liquid, they absorb faster than tablets, gummies, and capsules. And they're much easier to take if you have difficulty swallowing your pills, which I always have. It's a whole process. I've tried putting the water in first and then the vitamins.

And unlike multivitamins, you can actually customize your vitamin routine so you only take what you need and nothing you don't. They're honestly so easy to integrate into my day. I just add them into my morning juice or smoothie and at night in my tea before I go to bed. Right now, Vimergy is offering my listeners free shipping using the code MNN. And you can save up to 12% with their Mix and Save program. That's Vimergy.com, V-I-M-E-R-G-Y.com,

with code MNN, as in Money News Network. Try them today. I can't wait to hear what you think, and more importantly, how you feel. And now for some more money rehab.

let's talk about generally how energy stocks the sector moves um you know tech for example tends to go up when interest rates go down what about oil and interest rates and what about the relationship between oil and the dollar there's no issue there's no relationship between oil and straights that i know of but i think there's relationship between oil and recessions because obviously everyone thinks like for instance if we're going into a recession there's gonna be less usage of cars and people are gonna cut back so typically that's what happens

If you remember a couple of years ago during COVID, when everyone felt that there was an oversupply of oil and oil prices went negative for a day, which is the thing about that, they paid you to take energy.

I mean, again, that happens a lot of times, by the way, in natural gas, which is, to me, would be the solution because CNG, which is combustible natural gas, should be the way we should drive our cars. But the world doesn't really accept that because natural gas is much safer for the environment, much better than coal or crude oil. But yet again, the problem with natural gas is where we have it all, like in the Permian and everything else in Texas and other areas,

You need to transport that through pipes. If there's not enough pipeline mechanism to ship it, then it just lays idle and natural gas has gone negative. But if it looked like in Boston, do you have any friends in Boston? I mean...

Yeah, I have friends in all sorts of places. You don't have to tell me who they are. Okay, you have friends in Boston. But in Boston, there's no pipelines going into Boston. So there, in the winters, okay, the price of natural gas, when the rest of the country can be $3, the price in Boston can be $20, not because the country doesn't have enough natural gas, but there's not enough pipelines going into Boston. You have these shortages all the time. And then you have to ship it in by energy. So

It's a little complex, but it's also because there's not enough pipelines into Boston because of environmental reasons. But again, you could have prices of energy in parts of the country being five times the prices of other prices in the energy. The same way, why does gasoline cost more in California than it does in, I don't know, Florida or Texas?

Because we have a lot of regulations and stuff. Right, there's a lot of regulation and there's no refineries and there's all the rest. Crazy story, in my middle school, there was like an oil rig on the campus and it was covered and the kids painted over it.

Yeah. Weird. That's because they got paid a royalty. You know, someone got paid a royalty every day when they were taking extracting oil from that rig. Today, there would be no way in hell that there would be an oil rig in the middle of a school. I don't think that's really safe. But anyway, there is, though, a clear relationship between oil and the dollar. Can you explain how this moves? Well, oil is priced in dollars right now. So let's talk about this.

OK, let's talk about Japan. Up until recently, the Japanese currency has been getting walked right now. The Bank of Japan stepped in to nullify that in Japan. The thing about this, the yen has gone down 40 percent or 30 percent, some number in the last couple of years against the dollar.

So if you have to go ahead and buy oil, which is priced in dollars, in yen, what's happened to the price of oil in Japan? It's basically gone up 40% because people have to pay for it in a depreciated currency. So again, there's a big relationship. So if the dollar gets cheaper relative to other currencies, then foreign markets are going to go ahead and buy more oil because it's relatively cheaper for them. If the dollar gets more expensive,

And you have to pay more yen or more euro or more, I don't know, Zimbabwe dollar for it or annual. That's a whole story for another time. Then you're going to cut back your energy use because you just can't afford it. You went on CNBC earlier this month and you said that we're approaching the bottom of the energy trade. What do you mean by that and why do you think that? What I said was that this was a very bullish period to day trade energies from the long side.

What I also said is that next year, we're probably going to go ahead and we've been stuck in a range. Okay. Of like 70 to 85.

And I think next year, especially post-election, especially post, hopefully, some type of resolution in Israel, that the market's going to trade below 70 and above 85. Because once there's a, the whole market is short right now. There's nobody really long. Most of the speculators are short for the first time. And the market usually goes up the most when everyone's short, right? Because if everyone's long, then, you know, people get out.

But on the other hand, I think that the market next year is going to get, at some point, is going to trade below 70 and above 85. So this band that we've been stuck in for the past year and a half is going to go away. So which means it's going to be volatile. And if you're a trader of anything, I don't care if you trade stocks, currencies, Barbie dolls, whatever you trade, okay? You trade Legos. It doesn't matter. All a trader wants is volatility.

Because the way you lose money if you're a trader, okay, is that things are just dead. You just want things to move. At least that's what we want. Not long-term investors, but traders, to be clear. And by the way, don't no, no, no me because literally the headline from Closing Bell was Mark Fisher says this moment will be the bottom of the energy trade. So don't blame the copywriters. The bottom of the energy trade to me is when there's a ceasefire. Let's go through it. Because again, like,

play chess okay there's a ceasefire okay and it's hopefully it holds okay now they have to spend what's it they estimate 70 billion dollars to reconstruct gaza and the west bay maybe where's that money coming from you think saudi or uae is just gonna say okay here's a check i think the united states is writing a check note i think israel's writing a check now so who's so in the end of the day how is that getting financed that's getting financed because they're going to raise the price of oil

They're going to raise the price of oil by $5, $10, $15, whatever it may be. And you and I, along with everyone on your show list, are going to pay that price. To me, that's just...

Inevitable. But it's hard to predict what's going to happen there. I mean, doesn't the war in the Middle East make it difficult to predict where oil is going to go in the short term? That's why I said when there's a ceasefire. I don't know when it's going to be. Hopefully, you know, today, but it doesn't look that way. But when that ceasefire occurs, 48 hours after that, to me, would be the bottom. That'd probably be the bottom to buy energy stocks and everything else. By the way, you know one thing. Whatever people think works in the market,

Whatever makes sense doesn't make money, right? Because if everyone can make money, whatever makes sense, we'd all be multi-zillionaires. The same way that if everything made sense and everyone went to Harvard or Wharton or Yale or Stanford would be a multi-zillionaire, and that's not the case. It's thinking out of the box, thinking six steps ahead, right? If I said to you, if I called up 20 traders and said, why is oil up today? Or why is StockX up today? And they all gave me a reason, right?

it's not going up much more. But if I called up 20 people and say, why is StockX up today? They say, I have no idea. That stock's usually going up a lot more. It's when people figure out why it's going up or something's going up, that usually that's the time. I mean, I'm all convoluted. I'm a little insane, as you can probably tell, but that's the way we think.

I'm well aware that you're insane, but I also really think that your thoughts on energy are super spot on. And we could ask a lot of people, but we're asking you because of that. Also, you mentioned the election. Obviously, there's always volatility on election years, regardless of Trump or Harris's actual platforms on oil. We haven't really seen much clarity there. The street expects oil to go up when a Republican generally is in office. Is that the same case? No, not with Trump, because everyone thinks that with Trump, he's just going to let

Drill, baby, drill. Although we are drilling. We're producing more oil now than we've ever produced, even under the Biden administration. It's going to come down to

the swing producers. It's also going to come down to what happens in Venezuela to some degree. You know, Venezuela, what's going to happen in, I mean, for a while there, it looked like we were going to go ahead and somewhat normalize relations in Venezuela to Maduro, you know, went off the reservation again in this last election, right? So that, you know, it's what's happening, you know, in Guyana, where they have, you know, we found this huge oil find that they're now just

putting the pedal to the metal to reduce as much as possible. But I don't necessarily think that the market thinks that if Trump wins, that the price of oil is going up. I think they feel if Trump wins, volatility everywhere is going to go up because of the wild card of what would happen under his administration. But I think that would happen under whoever's the president. That's going to happen. It's just a regulation question. Yeah. I think businesses that get regulated end up having to

I'm necessarily charged more money for the same product that they have because they get regulated to death. It doesn't matter what it is. It could be oil or anything else. You mentioned some index funds. If there's a new investor who wants to dabble in energy, what are some of the basics that they should take a look at? Not that you're recommending them. I know you're insane. If you want to trade the price of oil, you trade USO. If you want to trade an index of stocks, you trade XLE.

right which is an index of energy stocks right that's what i would do in that case do you want to play a game with me why not i'll sound so excited this is a game called bullish or bearish i don't know you're gonna tell me are you bullish and there's bearish on this guy and why right okay good petroleum bullish or bearish first solar the solar industry itself bullish first solar i don't know individual stocks gold

Definitely bullish. Not as bullish as gold, but usually when gold goes up a lot, silver has these crazy periods of time. Crude oil. Crude oil is energy. It's the same thing in the coal. Keep going. You know why gold is going to go up, right? Tell me. Because it's all going to Armageddon. No, because gold is the world's anxiety index. Yeah. So look what's happened. Over the last three years,

Gold has gone up because every central bank outside the United States has been increasing their reserves of gold, whether it be China, Far East, everybody, except for the United States. Maybe, we don't know. At the same time, all the ETFs that hold GLD hold gold, the spectators have been getting out of their holdings. So you've had the price of gold go from

at $1,500, $1,600 to almost $2,500, and yet there are less investors in gold. So what's going to happen when everyone panics and they say, uh-oh, we need more exposure to gold, right? Then the price is really going to take off. I see that the street thinks gold's going to $2,700. Gold can go

a lot higher than that okay well bitcoin was supposed to also be a store of value or a safety oh you know it's interesting because bitcoin to me has become a store of value because everyone because it's perception everyone views it as a as a store of value okay i don't really understand everything else but bitcoin because everything else to me is a digital credit card like ethereum

I know people who tell me, but I don't really, because I think those are digital credit cards. I know they have a lot of applications and I'm not smart enough to understand, but Bitcoin has become like digital gold. So bullish.

Yeah. Tesla. Who? Tesla. I don't know. If you ask me electric vehicles in general, yes. Is Elon Musk a genius? Ten times smarter than anyone I know. So probably Tesla will keep going up, yes. Wind energy. Wind energy, I think, is a very hard business. I think I'm negative. Bearish. What? Bearish. This is a bull or bear game. Bearish. Okay, cool.

Well, what stock or sector are you bullish on? This is the final round that I didn't mention. Besides you mentioning? Well, all the gold miners. Insurance. Insurance, I'm negative. I think that's going to be the next regulated industry. And that actually is a good point because look what's happening now. Okay, the state of Florida has a condo crisis.

And that's going to morph over into California, anywhere there's New York, anywhere there's condos because of what's going on with the insurance prices. If you live down in the state of Florida, condominium prices, especially near than 15 miles of water, insurance has gone up 50, 60, 70%. And you can't go ahead and have a mortgage unless you have insurance. The

The crazy part is that now insurance in a lot of places costs more per month than your mortgage costs. And people are getting killed on this, right? So when the general population is getting killed, then it's going to get regulated. I don't know how it's going to get regulated, but somehow someone's going to put a stop to it. You know, I told your executive at this point that

Seven years ago, when Hurricane Irma happened and my wife made me escape to New York during the hurricane, I came back and my house almost flooded because I have these sliding glass doors. I don't know if you know what sliding glass doors are, but they sit on a track. And no matter how well your doors are, when there's a lot of wind and water, especially at a higher elevation, the wind and water pushes right through the track and creates disasters inside your apartments.

This almost happened to my house. You didn't, yeah, you didn't have an apartment. You had like a chateau. Okay, whatever I have, doesn't matter. It's true or false? I don't know, so much. A villa. Okay, so anyway, with that being said, yes. So my house almost flooded completely. So we came up with a solution actually that for this problem, at least for us, that took us about seven years to do and about a gazillion man hours. But in about four weeks, it's going to be at Home Depot, about five weeks.

so that people can go and mitigate at least this part of the phone although you know which is a big deal total big deal officially under episodes by asking all of our guests for a tip that listeners can take straight to the bank did you have a final tip about energy yeah wait till wait till they there's a there's a good ceasefire in gaza hold your breath there'll be one more battle sign and then you can buy it's sort of like what happened when remember when well again when they caught saddam hussein

Right. I don't know if you remember that. I was on the air. Where were you? I was at. Well, Osama bin Laden. I woke up at 2 a.m., went to. This is this is before. I know. Before that, I was at CNN with Saddam. Really? Everyone thought when Saddam Hussein got caught. Right. That the price of oil was going to go down. Right. Because, you know, the whole thing's over. If you bought energy 10 hours after he got caught, what do you think happened to the price of energy over the next six months? Went straight up.

When this conflict, hopefully sooner or later, gets somewhat of a resolution, if you close your eyes and wait 24, 48 hours, I mean, and I'm saying this now, I'll probably be dead wrong because usually I'm either dead wrong or things are dead right. There's no middle with me. I'm either, wow, you were really right or wow, you suck. OK, but that's my bet. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes.

Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.

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