RUSH: Burt in Jacksonville, Florida, welcome to the EIB Network. Hello.
CALLER: Can you hear me?
CALLER: All right, I called, number one, because I'm one of the screaming liberals you're always talking about. Personally, I think Big Oil should be nationalized.
RUSH: I don't believe you. I don't believe you, Burt, because you're not screaming.
CALLER: (laughing) I can do that if you want.
RUSH: No, no, I like it this way better.
CALLER: Okay. Number one, one of the things that the nutcase over in Iran said, which is the only time I've ever agreed with him with is there's no problem with oil supplies.
RUSH: Wait, wait, wait, wait. I didn't hear, who was the nutcase that said something?
CALLER: Aberjani (sic) or whatever his name is in Iran.
RUSH: Who? Oh, oh, the president of Iran, Ahmadinejad, okay.
CALLER: Yeah. There really isn't a problem of supply in oil, the problem is in America. Number one, this is the truth, you can look it up --
RUSH: Why am I not surprised? The problem is America. Just leave it at that.
RUSH: That will cover everything you believe. If you just leave it at that, Burt, we can save a lot of time here like Dr. Sabato could by not writing anymore books, not going on cable TV, the problem is America.
CALLER: Well, number one, if you let me finish --
RUSH: Well, I know what you're going to say, but go ahead and say it, in the interest of fairness.
CALLER: Okay. Number one, oil is purchased in five-year contracts. Is that not correct?
RUSH: Not necessarily.
CALLER: Yes, it is.
RUSH: No, some companies do and some don't. Southwest Airlines did it. They got locked in low prices, that's why they're profitable. Some of the other airlines did not do it that way.
CALLER: I'm talking about Big Oil. When they buy oil from foreign --
RUSH: Do you know how much of the world's oil supply is nationalized, Burt? By that, I mean owned by governments.
CALLER: Well, quite a bit.
RUSH: Give me the number.
CALLER: Venezuela --
RUSH: Give me the number.
CALLER: I don't know the number off --
RUSH: Try 95%, Burt. That's how small the US oil industry is. Ninety-five percent of all oil in the world is nationalized, owned by the nations where it's in the ground.
RUSH: Now, what are you going to do now to Big Oil? How in the world can Big Oil, whatever they do, impact the fact that 95% of oil is nationalized?
CALLER: Okay, please let me finish.
RUSH: Why should I waste my time -- go ahead.
CALLER: Okay. Oil is purchased by Big Oil in five-year contracts. So the oil we pay, we're supposedly paying $145 a barrel for it. They purchased five years ago for $15 a barrel.
RUSH: I get it. So they bought oil five years ago at $15 a barrel --
RUSH: -- and so they ought to be selling gasoline to us at ten cents a gallon. I got it. Yeah, yeah, got it.