Oil's New Level

This column was originally published on RealMoney on Feb. 23 at 8:02 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

There's a lot of yawning about oil hitting the highest price of the year. That's wrong.

There was a tremendous amount of press when oil took out $60 and headed to the low $50s. Now it looks like that occurred strictly because of unseasonably warm weather, not because of a cessation of demand.

I am an out-and-out oil bull for the long term, and I blame that view on doing too much work! That's right -- because of the two stocks I have in Action Alerts Plus.com that are oil-related and because I would like to boost that number, I listen to the calls, and they are all about an inability to find any new oil of consequence coupled with a voracious worldwide demand that hasn't been quelled by the so-called alternatives. ...