Oil & Gas Prices

First quarter profits for American oil companies are jaw dropping. Exxon earned nearly $11 billion, up 69 percent from a year ago. Royal Dutch Shell PLC, Europe's largest oil company, announced it made $8.78 billion in the first quarter, a 60 percent increase over last year. Much of it, but not all, is due to higher gas prices, over which the companies have very little control due to our heavy…

Here's a non-rocket science question: If you expect a reduced harvest of wheat, corn, rice or any other commodity some time in the future, what would be the wise thing to do about your consumption today? I bet that the average person would answer: Consume less now so that more will be available in the future. But how in the world can people be encouraged to consume less now? Enter the futures…

New York Times environmental reporter John Broder, who writes like a firm believer in human-induced global warming, provided a little political cover for Obama in his front-page story Saturday on rising gas prices, "Gas Cost Spurs Fight Over End Of a Tax Break." The problem is more than perception. As Julia Seymour of the Business and Media Institute reported, on April 25 the average price…

MSNBC's Chuck Todd rattled off a list of reasons to explain the sharp rise in the price of oil – none of which included Barack Obama's offshore drilling moratorium – and was "confused" about why anyone would blame the president for the prospect of $4 per gallon gasoline. On the April 28 "Daily Rundown," Todd suggested the Federal Reserve's quantitative easing measures and increases in global…

Back in 2008 then-House Speaker Nancy Pelosi (D-Calif.) knew where she wanted to place the blame for high gas prices. “The price of oil is at the doorstep -- 4 dollars plus per gallon for oil, is attributed to two oil men in the White House,” Pelosi said in a CNN interview on July 17th, 2008.

One more sign the Age of Civility is over: an MSNBC host urging Dems to be more "vicious" toward Republicans. Oh, and to engage in more "name-calling." Apparently writing off any career ambitions of succeeding to the Miss Manners slot, Cenk Uygur issued his recommendations last night in the course of disagreeing with a Dem congressman who was insufficiently coarse for Cenk's taste. View…

It's always a bit of risk saying that a bunch of supposedly smart folks are wrong, but the economists Jeannine Aversa at the Associated Press consulted for a Tuesday afternoon report on the economic outlook must be taking a double dose of sunshine pills every day. If we are to believe these folks, the only thing that can stop the economy now is oil -- not the $112 a barrel accompanied by $4…

ABC's Jon Karl on Monday railed against the "obscene" profits of the oil companies and demanded to know what House Speaker John Boehner plans to do about it.  World News anchor Diane Sawyer alerted viewers that "the five behemoths of the oil industry" are announcing record profits this week. Using a highly judgmental word, Karl complained to Boehner, "Is there something obscene about gas…

WMAL radio host -- and friend of NewsBusters -- Chris Plante gave a shout-out on his program this morning to our parent company the Media Research Center and our publisher, Brent Bozell. The topic: the media's bias and double standards on gas price reporting.

MSNBC's token conservative Pat Buchanan has really been having a lot of fun lately taking on the liberals at the so-called news network he contributes to. On Monday's "MSNBC Live," Buchanan in the middle of a discussion about oil prices and subsidies told the host, "You’ve got to learn a little bit about supply and demand as Barack Obama never did when he was out there in that Saul Alinsky…

I'm regularly amazed by the economic ignorance of today's television commentators. Consider MSNBC's Chris Matthews who on Monday's "Hardball" actually said, "Nobody thinks this country can drill its way out of high gas prices" (video follows with transcript and commentary):

Good Morning America's George Stephanopoulos on Monday described the country's "gas gripes" over rising fuel costs, adding, "Soaring prices lead to new pain for the President as big oil gets ready to report record profits." (MP3 audio here.) The former Democratic operative turned journalist tried to put the best spin on Barack Obama's growing problems: "And, Jake, these gas prices are also…

The average price for a gallon of unleaded gasoline hit $3.86 on April 25, more than $1-a-gallon higher than a year earlier and less than 25 cents away from the record high price of gasoline set in July 2008. In fact, per gallon prices are more than $2 higher than when Obama took office Jan. 20, 2009. Yet the president has been nearly exempt from criticism on the issue of rising prices,…

The establishment press's lack of interest in associating President Obama with the sharp run-up in energy costs has been thoroughly documented by several folks at the Media Research Center, including but not limited to Julia Seymour when gasoline hit the $3 mark, and more recently Brent Bozell. Saturday, the Associated Press's Mark S. Smith took the gas-price propaganda to the next level. As…