A recent U.N. report says that Iran is going full speed ahead with its nuke program and its military is now involved. That prompted Israel to threaten Iran with military action, something that would light up the Middle East with violent flames.

Any armed conflict involving Iran would send oil prices through the roof, and Americans might be staring at $6 for a gallon of gasoline.

Today The New York Times editorialized that any military action against Iran would be a "disaster," and that is true. Millions in the Muslim world would rush to Iran's defense, and Islamic-driven violence across the world would skyrocket, with terrorists like Hezbollah leading the way.

The Times wants to bribe Iran to stop their nuke program, but I believe that will not work. It is clear that the hateful mullahs believe they can hurt America and the West by creating havoc with oil. That's how they think they can defeat us.

Russia and China have been protecting Iran from severe economic sanctions, and who knows if that will continue.

If the world united against Iran and refused to trade with it, the country would fall. But the world will not.

In fact, two American companies actually continue to do business with the mullahs. Goodyear sells Iran about $300,000 worth of tractor tires a year, and it should stop immediately.

But by far the worst American company in this arena is General Electric. GE CEO Jeffrey Immelt does about $50 million worth of business with Iran each year, even though Immelt knows Iran is killing U.S. soldiers and Marines and wants to wipe Israel off the map.

Immelt is helping a vicious enemy. There is no excuse for his disgraceful behavior.

Ironically, the General Electric Company is in big trouble economically. When Immelt took over from Jack Welsh, GE's stock price was close to $44 a share. Today it closed at just over $30 a share. How Immelt keeps his job is one of the great corporate mysteries of our time.

While Iran continues to threaten world peace, Congress has been asleep, doing little to get America off oil.

Finally, in the face of grave danger there is some movement. Florida Congresswoman Ginny Brown-Waite has introduced a bill that would remove the tariff on imported ethanol. But Senate Democrats have been blocked by Republicans from imposing a windfall profits tax on American oil companies.

"Talking Points" expects the Republicans to come up with a tough plan to protect Americans from predatory energy pricing. If the GOP does not, it will surely lose everything in November. Fair warning.

Look, as we said last night, oil is over. This country can no longer depend on OPEC for our national security and economic well being. We have the technology to limit our oil use. Congress must mandate that it be done.

And that's "The Memo."

Pinheads & Patriots

Our auction to raise money for Operation Shoebox, which helps our military people overseas, raised $25,000, plus $3,000.

Premium member Carmine Weber of Lynbrook, New York, kicked that in after the auction closed. So Mr. Weber is obviously a patriot.

On the pinhead front, drug-addicted British singer Amy Winehouse launched into a racial diatribe while, uh, socializing.

Click here to watch Winehouse's racist rant.

Ms. Winehouse is obviously a pinhead and desperately needs help.

You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the FOX News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com