Oil prices fall, media is silent.

Started May 5, 2012 | Discussions thread
Veteran MemberPosts: 4,734
Re: Oil prices fall, media is silent.
In reply to Chato, May 5, 2012

Chato wrote:

Here's a link to an article giving Obama credit for the drop in the price of oil...


This is obviously an Obama loving site. Well, plain and simple Obama had nothing to do with prices going up, and he has nothing to do with prices going down. The reason I cite this article, F.O.S. as it is, it that is DOES highlight one relevant point. The so called Liberal Media stood as one person, holding Obama responsible for the rise of oil prices, and are keeping their mouths shut as the price falls.

In fact if the price fall continues, expect Fox to suddenly adapt the line that the President doesn't have much impact on oil prices at all! Like some on this board, they have no shame.

When you say, "liberal media", I presume you're being sarcastic to rebut claims from conservatives that contend the media has a liberal bias. I'm not talking about Rush Limbaugh "media" or the other side of that coin, Chris Matthews et al. I mean outlets that have at least a plausible claim to the use of words like "journalism" and "news".

Here's what I got from the right. The President hates fossil fuels and will gladly destroy the economy and the nation to pursue his radical agenda.

Here's what I got from the left. Speculators, a particularly detestable subspecies of the genus "fat cat", are responsible for up to 80 percent of the volatility in the oil market. To satisfy their greed they are only too happy to bleed working men and women of the little that had been left to them.

As far as real media goes, I got several messages. Oil is a commodity that trades in a global market. Oil prices respond to geopolitical unrest. Oil prices respond to actual or expected trends in economic growth, up and down. Oil prices respond to changes in inventory, disruptions in supply, and news of exploration success and failure. (I didn't make that stuff up. Where do you think I got it?) And the President doesn't need anyone to grant or withhold blame or credit. (He has literally thousands on the job to tie good news directly to him and to sever any links to bad news.) The press often comment on the political impact of that and other economic factors (jobs report, for example), but I see no serious assignment of blame or credit except from the right and left. Credit and blame come to him by virtue of his position. Besides...isn't it a bit early to begin blowing this horn...even for politicsusa? I mean, please show me the commodity price that rises forever without interruption. Wasn't the blame you're referring to tied to a longer trend?

Be careful what you wish for. This from a Tulsa paper. Maybe the President would rather not take any credit for a downward trend in oil prices. (The italics are mine.) When it's expressed like this, maybe he'll want to starting taking "credit" for oil spikes.

"The price of oil plunged to its lowest level in nearly six months Friday, falling to less than $100 per barrel for the first time since February. Another drop in gasoline prices can't be far behind, some analysts said.

It's a welcome trend for motorists, with the summer driving season just around the corner. And it eases some pressure on the U.S. economy, which has shown only agonizingly slow growth in the nearly three years since the Great Recession ended.

Oil fell $4.05, or 4 percent, to $98.49, after a weak U.S. jobs report offered the latest evidence that the global economy is weakening , possibly reducing demand for oil. At the same time, there is mounting evidence that world oil supplies are growing.

'The jobs report was the coup de grace,' said Judith Dwarkin, chief energy economist at ITG Investment Research, told The Associated Press. 'But it's hard to see how prices could have stayed on the boil given ample supplies and continued economic uncertainty.'"

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