Velshi Has Trouble Understanding Gas and Oil Prices

According to CNN business reporter Ali Velshi, the relationship between oil and gas prices is difficult to grasp.

"A lot of folks are saying, 'Why have my gas prices come down 17 or 18 cents in the last couple weeks when oil prices are going up?'" said Velshi on the August 1 "American Morning."

Trust me Ali, that's not what I've heard at the pump.

"Well, I hope we've all figured out there's no way, there's no mathematician in the world who can figure out the relationship between gas and oil prices, but you can expect with oil up at 78 bucks a barrel, gas prices will soon follow and that takes things—that takes money out of the pockets of consumers who keep this economy going," he continued.

But Velshi, has not always had such a tough time making sense out of oil and gas economics.He recognized that refineries are a variable in the gasoline price equation back in April. “We got to use less gasoline or build more refineries,” he said on the April 11 “American Morning.”  Velshi also questioned Democratic presidential candidate Dennis Kucinich about refineries and regulations putting pressure on gasoline prices during the April 21 “In the Money.” 

Julia A. Seymour
Julia A. Seymour
Julia A. Seymour is the Assistant Managing Editor for the MRC's Business and Media Institute.