In the last few columns, we’ve focused on sectors that typically see lots of action during the summertime. Most notably, this includes the “grains” (corn, wheat, soybeans), the “softs” (orange juice), and even natural gas. When you have commodities that are so susceptible to weather, you often see dramatic moves in one day, only for it to unwind the next day.

There I was, surrounded by thousands of barrels of Kentucky’s finest — seemingly, enough bourbon to get every of-age taxpayer in the U.S. a little tipsy. By any stretch of the imagination, this place was paradise. Rolling hills as far as you could see and the air was thick with the smell of the latest batch. But even this paradise, hidden well in the confines of the Kentucky Bourbon Trail, was prey to Uncle Sam’s grubby little hands.

Underground investor David Fessler, writing at Investment U, says the four best hedges against inflation are gold, inflation-adjusted Treasuries, energy stocks and commodities such as wheat, metals, cattle and fertilizer.

Experts roundly agree that the recession is only a short-term blip in the long-term escalation of oil prices. And this time, there are 1.05 trillion reasons why oil is going to climb well past its peak last year.

‘Contango’ has become a buzzword of late. But Matt Weinschenk says you must be careful how you position yourself to profit in the oil market. The most popular oil sector ETFs (USO, OIL) actually suffer in today’s market conditions. Matt says the United States 12 Month Oil Fund (NYSE:USL) is a much better way of maximising the return on your oil investments.

It was just last summer that everyone was talking about the outrageous prices of gasoline. But today the conversation has done a full 180 – prices couldn’t be cheaper. But after falling 73%, is oil a screaming buy?

Oil prices could fall as low as $20 a barrel in early 2009, says Jason Simpkins. But don’t expect these low prices to last long. Dwindling investment will prompt a longer-term supply crunch, which will send crude to new record highs. Jason gives seven ways to profit from this coming spike.

Swings in commodity prices are often exaggerated in both directions, says Eric Roseman. And that’s exactly what we have seen with crude oil prices this year. But Eric says most of the destruction in demand is now priced in. But long-term supply will still be tight. That’s why we should be near the bottom of the oil cycle, with potentially massive gains for investors that by now.

Investors in alternative energy should hang up their hats for a while, says Irwin Greenstein. That’s because the prime business case for investing in alternative energy – sky-high oil prices – has evaporated. And these doesn’t look set to return in the foreseeable future. In the meantime, alternative energy will remain the domain of melodramatic soccer moms, “green-niks,” marketers and hucksters.

We shouldn’t get too attached to low gas prices, says Keith Fitz-Gerald. Crude oil prices will soar before long, making driving an expensive habit again. But Keith says savvy investors can ‘hedge’ against this rise by buying into these three oil and gas ETFs now.