Oil & Gas Prices

Update (13:40 EDT): You can see in bold some of the questions I thought particularly biased. I've clipped Mark Smith's first question about turning the thermostat down and driving less and posted that video on EyeBlast.tv. You can find it embedded at right. [Official White House transcript available here.] 10:17 EDT: President Bush will hold a press conference in a few minutes, I'll be watching…

That must be some crystal ball Reuters reporters Jeremy Pelofsky and Tom Doggett have. They somehow know that George W. Bush's Executive Order lifting an Executive Branch ban on offshore drilling will work out to be "largely symbolic" -- even though Congress's ban will expire on September 30 unless it's proactively renewed. Further, Pelofsky and Doggett seem to almost know that since Barack…

Mika Brzezinski might be an Obama backer, but she really should sit down with Hillary Clinton. The woman who turned $1,000 into $100,000 could clue her in to the workings of the commodities markets.  Be it cattle or crude oil, the concept's the same: these are "futures" markets in which prices are set on traders' expectations of what conditions will be some time down the road.Mika's need for…

Remember the grief Dick Cheney received in late 2000, and then President Bush in early 2001, when they were accused of “talking down the economy”? We already know from history that the economy had already slipped into negative growth during the third quarter of 2000; so it's fair to say in hindsight that Cheney and Bush were actually observing reality. Specifically, Cheney's 2000 statement was…

In the wake of former Sen. Phil Gramm's statements earlier this week about this being a nation full of whiners, the good folks at ABC's "Good Morning America" brought on a consumer psychologist Sunday to discuss whether or not the McCain advisor had a point.Shockingly, not only did Kit Yarrow tell host Kate Snow that "the way consumers feel about things is very emotional," but also these "…

When it comes to illustrating high gas prices, the liberal media sure love San Mateo, California. What with its gorgeous, sunny weather and consistently above-average gas prices, it makes for a shocking image of "pain at the pump."In the top headlines feature for ABCNews.com, editors included a tease for a story on oil prices heading towards $147-a-barrel, and chose a photo of a gas marquee…

The call to arms is emotional: ‘We need a President who will stand up to Big Oil!’ The impact is nationwide: ‘National Day of Action for an Oil Free President… At gas stations across the country…’ The movement is massive: ‘American people need an Oil-Free President!’ And the Albany Times Union took a photo-op to demonstrate the fury of the numerous protestors – all 7 of them. Making the photo…

The public is forever complaining about how the media are obsessed with bad news and rarely look for the good in what's going on, but sometimes doing so becomes just a little ridiculous. Such is the case with an Omaha, Nebraska TV station which managed to find some good news about higher gas prices: fewer people dying from auto accidents.I suppose that we should be cheering gas to go to $15.00 a…

On Wednesday's CBS "Early Show," co-host Russ Mitchell declared: "The high cost of gas is hurting everyone these days. Families, businesses, and even charities. Many organizations that deliver food to the sick and elderly are being hit extra hard." In the report that followed, correspondent Kelly Wallace went even further: "In one rural California case, according to the president of Meals on…

Forget the basics of supply and demand, just find someone to blame. As Congress takes new aim at speculators for the high price of gasoline, some media reports seem to be following suit. But as The Biz Flog explains this week, there is considerable debate over whether speculators should be blamed for the high cost of oil. June 23, the same day Democrats on the House Energy and Commerce…

A report on the economic policies of John McCain and Barack Obama by correspondent Chip Reid on Monday’s CBS "Evening News" suggested that Obama’s supposed middle class tax cut would be more beneficial for American families: "Obama's plan is to roll back the Bush tax cuts for the wealthy and use the savings for a middle-class tax cut...A recent study by the non-partisan Tax Policy Center says…