CNBC: Don't Worry, '$4 Gas Isn't That Big of a Deal'

By Kyle Drennen | April 05, 2012 | 16:39

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In an opinion piece for CNBC.com on Wednesday, Street Signs anchor Brian Sullivan argued: "...for the majority of the country, $4 gas isn't going to doom us or our economy....right now it just doesn't add up. After all, it looks like $5 is the new $4 when it comes to gas prices and the economy."

Sullivan cited new car sales being on the rise, with those vehicles having better gas mileage, and pointed to inflation causing $4 a gallon to actually be "somewhere in the $3.64 range in 2007 dollars today." In addition, he noted the payroll tax cut "mitigates much of the impact."

The popular internet browser homepage MSN.com seized on Sullivan's commentary, making it a top story on the site on Wednesday, even embellishing Sullivan's original headline: "No Fuel on This Fire: $4 Gas Won't Hurt Us." In other words, "move along, nothing to see here."

On his 2 p.m. et CNBC program on Wednesday, Sullivan elaborated on his article:

Most of the comments to the story, how should I put this, told me that I'm an idiot, if not worse....And Listen, I got to say something too. Because, you know, people read, they don't know, you know, they say, "Oh, you're just some rich TV anchor." My father ran – middle class upbringing – my father ran a gas station, right? During the gas crunch. We got crushed. My family got destroyed....you know, by higher gas prices. When I was a kid, my mother was a telephone operator. I mean, so people, "You one-percenter" and whatever, all this other stuff, I lived through it. I know it's painful for a lot of individuals. My point was the macro for the overall economy.

In February, the Business and Media Institute's Julia Seymour detailed how the broadcast networks hyped rising gas prices during the Bush administration four times more than they did under President Obama. Apparently now they dismiss high gas prices altogether under Obama.

Despite the somewhat out-of-touch article, Sullivan is actually a pretty solid financial journalist. On the October 28, 2011 edition of Martin Bashir's MSNBC show, Sullivan challenged the left-wing anchor to a real debate on economic policy: "...And if you ever want me to come on and debate the guy you just had on for The Nation about the real problem of raising the 99 percent up instead of bringing the one percent down, I'll be happy to be your guest."

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Kyle Drennen is a news analyst at the Media Research Center. Click here to follow Kyle Drennen on Twitter.

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Comments

High gas prices,

Submitted by fscarn on Thu, 04/05/2012 - 4:42pm.

Only matter when a Republican is president.

This propaganda TV is driving me crazy.

Praying that enough Americans are paying attention and realize what the Dems and the MSM are doing here.

It is NBC

Submitted by John21 on Thu, 04/05/2012 - 4:47pm.

It is NBC, this network is incapable of honest reporting.

Their bias is easily proven by using their own stories. They have no credibility left, they have flushed it with their lies, false stories and political bias. They appear to be incapable of reporting the truth or facts. The propaganda that they continue to fill the air with if obviously false and they think that we are stupid enough to believe it.

This story is just the lastest example of the failure of this network to provide even a small modicum of reporting the facts.

”Don't be afraid to see what you see.” Ronald Reagan

I'm curious: Just how blissful IS ignorance?

Submitted by Jer on Thu, 04/05/2012 - 8:58pm.

"This story is just the latest example of the failure of this network to provide even a small modicum of reporting the facts."

Do you ever tune in to CNBC? Are you familiar with Rick Santelli, an administration critic whose on-air rant is widely credited with launching the Tea Party movement? How about Jim Cramer, more of a political wild card, but someone who has called Obama the greatest destroyer of wealth than any President in his lifetime.

Finally, I suggest you switch from Fox's Shep Smith and tune in to The Kudlow Report each evening at 7:00 p.m. ET and regale yourself with lengthy segments of merciless Obama-bashing. And then get back to me about your "failure of the network to provide even a small modicum of reporting the facts" concerns.

Jer

PS...My reference to "ignorance" is not intended as a reflection on your intellect. Your intelligence is evident. But, the breadth of your claims betray a lack of familiarity with quite a few crucial and relevant details.

MSNBC and NBC are off the

Submitted by Smartypants on Thu, 04/05/2012 - 9:00pm.

MSNBC and NBC are off the charts leftist. The fact that CNBC offers up some programming which counters this fact does not change the story. This isn't even up for debate. Nice try though.

Smartypants...

Submitted by Jer on Thu, 04/05/2012 - 9:15pm.

What part of my response is inaccurate? Specifics please. Nice straw man though.

Jer

➚I think you're right, Jer

Submitted by Cool Arrow on Thu, 04/05/2012 - 9:36pm.

It's not likely investors will flock to financial shows that follow marxist thought. For that reason, CNBC is a whole 'nother world from their sibling stations NBC and MSNBC whose interests are in progressivism.

Agreed Cool...

Submitted by Jer on Thu, 04/05/2012 - 9:57pm.

However, there is some conservative input on NBC although I have always conceded an overall liberal slant. There's even a bit of it [conservative guest opinion] on MSNBC--setting aside the continuing clash over Scarborough's politics--although the nightly lineup in particular has regrettably shifted emphatically leftward in recent years.

But it's unfair to stuff CNBC in the same ideological bag with its sibling and parent network.

Jer

Hmmm?

Submitted by Boudin on Thu, 04/05/2012 - 9:07pm.

Folks calling it straight up, are not Right Wing, their honest.

mslsd has true contempt for most of the folks in the Country, it aint even close.

Seek Truth, Defend Liberty

Jer

Submitted by Radical1979 on Thu, 04/05/2012 - 9:27pm.

Cramer is pretty much of a nut case, IMHO. I could never understand why CNBC gave him a show after his fund pretty much tanked.

And Jer, please, when talking about conservatives on CNBC, don't forget Joe Kernan. The Big Kahuna always deserves a mention, as he is my favorite.

Proud member of the 53%!

A good point, Rad...

Submitted by Jer on Thu, 04/05/2012 - 9:32pm.

and there are numerous conservative and anti-administration guests who appear as well.

Jer

Fuzzy brain tonight Jer

Submitted by Radical1979 on Thu, 04/05/2012 - 9:39pm.

Larry Kudlow comes to mind. He even had/has (?) his own show.

Personally, I prefer when CNBC focused more on grilling CEO's about their financials, discuss which sectors were moving etc.

I know they still do that,but they focus more on politics than they used to. For awhile they had Howard Dean on as a commentator. If I want to watch news, I'll stick to Fox.

Proud member of the 53%!

Rad...

Submitted by Jer on Thu, 04/05/2012 - 10:25pm.

From my first post above:

Finally, I suggest you switch from Fox's Shep Smith and tune in to The Kudlow Report each evening at 7:00 p.m. ET and regale yourself with lengthy segments of merciless Obama-bashing.

Jer

Jer, sorry fuzzy brain

Submitted by Radical1979 on Thu, 04/05/2012 - 10:31pm.

brought on by migraine meds. I'll stop posting now before I err again. And please don't tell my husband about this, I like to keep up the fiction that I never make mistakes.

Proud member of the 53%!

No problem, Rad...

Submitted by Jer on Thu, 04/05/2012 - 10:46pm.

My lips are sealed, as long as you co-operate fully with all future requests and instructions from me.

Seriously, hope you feel better soon. I understand migraines can be really debilitating.

Jer

I agree with you Jer, that CNBC is fair and balanced for the

Submitted by Rush Fan on Thu, 04/05/2012 - 10:26pm.

most part. You can count on Steve Liesman and CNBC's Chief Washington Correspondent John Harwood to put forth Liberal talking points, but they are more than offset by Santelli, Kudlow, Joe Kernen and others. Both CNBC and Fox Business are excellent resources for business-related news.

My favorite business/finance show is without question Stuart Varney's Varney and Co. Stuart Varney is the Rush Limbaugh of television.

Sadly, with the recent hiring of Jessie Jackson's daughter, as well as other dumb Leftist, it is difficult for me to watch Fox News for any length of time. Listening to Liberals on Fox News makes me throw up! :-)

For a split second you had me sold on Varney,

Submitted by Jer on Thu, 04/05/2012 - 10:34pm.

and then you had to ruin it.

So I guess Varney yearns for a market crash, 5 dollar gas, and lousy employment numbers to ensure Obama's "failure", huh? ;-)

Jer

Huh? Rush doesn't want those things

Submitted by RESTLESS 1 on Thu, 04/05/2012 - 10:43pm.

He just spelled out that they would happen under the 0's watch, due to the never ending liberal butting in to the market. Over-regulation, higher taxes, more bureaucracy...you know, all the things liberals love.

And once again, Rush was right. Take that!

"I don't like repeat offenders, I like dead offenders". - Ted Nugent

That would be Utopia [almost]...

Submitted by Jer on Thu, 04/05/2012 - 10:56pm.

you forgot unilateral disarmament, disbanding the military except for gay Marines, revoking the broadcast licenses of Fox News and conservative talk radio, shutting down NewsBusters, and finally winning that damn War on Christmas.

Jer

Which begs the question

Submitted by RESTLESS 1 on Thu, 04/05/2012 - 11:17pm.

What, exactly, was the 0 conveying on that live mic?

Oh, and I didn't forget those things. I was trying to keep it pithy.

"I don't like repeat offenders, I like dead offenders". - Ted Nugent

Jer..... You are acutely aware that your last sentence describes

Submitted by Rush Fan on Thu, 04/05/2012 - 10:51pm.

the result of Obama and the Dems failed policies. It certainly does not describe Rush Limbaugh's wishes. Those of us on the right, including Rush Limbaugh, hope that the economy improves, despite Obama's ludicrous actions.

However, disregard my Rush Limbaugh comment if it will give you an incentive to listen to Varney. His show is on Fox Business at 6:20 PT Monday through Friday.

regards,

I'll give it a shot.

Submitted by Jer on Thu, 04/05/2012 - 11:02pm.

and then render my Varneshed opinion.

Jer

Is he serious???

Submitted by NOLAgirl on Thu, 04/05/2012 - 4:51pm.

My husband and I spend nearly $700, yes seven hundred, dollars a MONTH on gas. You damn well better believe it's hurting us. I know the amount sounds high but we have family obligations that keep us on the road and we can't move closer because there are NO JOBS!!

I'll try to be nicer if you'll try to be smarter.

NOLAgirl

Submitted by Radical1979 on Thu, 04/05/2012 - 9:43pm.

I'm sure Obama feels your pain, after all it costs him a lot to pay the gas when he uses AirForce One, or to pay for the gas when MO and the girls want to fly off on vacation. I'm sure it really cuts into his spending money...oh wait, that's right, he doesn't pay for the gas he uses.

Proud member of the 53%!

What A Difference 4 Years Makes

Submitted by HardRightTurn on Thu, 04/05/2012 - 4:52pm.

And a Leftist president in office. Have they heard yet that O'Reilly is beating them in the ratings more handily all the time? That means that the message of the state controlled Leftist Propaganda Media is reaching fewer and fewer Obamacolytes all the time.

To more fully comprehend the Left, one must read “Leftism As Psychopathy” by John Ray, M.A., Ph.D. Caution, it might scare you a little bit.
http://jonjayray.tripod.com/psycho.html

Its hurting bad enough that

Submitted by MrSnuggles on Thu, 04/05/2012 - 5:05pm.

Its hurting bad enough that those who can afford to buy new fuel efficient cars are doing so. Of course, the leftists will just say its a sign of an improving economy and not a free market reaction to high gas prices with no end in sight.

I wonder what the average income is of the people buying all these new cars.

What is the Average Income of the People Buying the New Cars?

Submitted by Clyde Gatton on Thu, 04/05/2012 - 5:37pm.

$126,743.26 (1) (2) (3)

(1) Disclaimer: 99.9382% of all statistics are made up on the fly!
(2) "There are lies, damn lies, and statistics!"
(3) I'm teaching statistics this semester at the local community college. Boy, have some students had eye-openers!

V/R
Clyde

"...the aspirants to tyranny are either the...men of the state, who in democracies are demagogues,... or those who hold great offices, and have a long tenure.." - Aristotle, Politics, c350BC

Really?

Submitted by GW on Fri, 04/06/2012 - 10:03am.

"99.9382% of all statistics are made up on the fly!"

I thought it was 70%.

"Unfortunately, some people use belief-based facts rather than fact-based beliefs." -Par for the Course on Wed, 04/18/2012 - 5:38pm

It's a big deal when you don't have the $4.

Submitted by drsamherman on Thu, 04/05/2012 - 5:08pm.

Or if you depend on your car to go to work, like MOST AMERICANS.

Leave it to liberal stooges who wonder how "they make meat" at the supermarket to come up with an observation that uninformed.

Or if you are retired, living in California where the sales tax

Submitted by Rush Fan on Thu, 04/05/2012 - 5:33pm.

rate in my city is 8.75%, and the inflation in gas, food, entertainment, etc. substantially exceeds what you can receive for that portion of your money that is supposed to be secure in fixed income. Thank you California Democrats, Obama, and Ben Bernanke!

Boy these clowns are bad

Submitted by KornKing on Thu, 04/05/2012 - 5:15pm.

$ 5 is the new $4?

but...

Submitted by MidAmerica on Thu, 04/05/2012 - 5:16pm.

when fuel goes up EVERYTHING goes up.

Who's the hardest hit? Not the people who pundit for a living. It's the little people.

Where are the sob stories about chosing between a meal of cat food or gas to go to work at a minimum wage job we would be treated to if a Republican were President?

I am sure our president has

Submitted by MrSnuggles on Thu, 04/05/2012 - 5:30pm.

I am sure our president has gotten dozens if not hundreds of letters from people about how hard the gas prices are hitting them. They will be spoken of when the time is right.

Like when, very near the election, Obama comes up with a plan to suspend gas taxes which they think republicans will oppose because of the billions it would add to the deficit. Then we will hear about the poor folks that republicans dont care about.

Is He out of his flipping mind?!?

Submitted by Tidy Bowl Man on Thu, 04/05/2012 - 5:16pm.

Does he ride a bike to work?!? We'll all be riding mopeds before long.

Absurd

Submitted by Scott @ Engage ... on Thu, 04/05/2012 - 5:22pm.

Even worse than saying that gas prices are not a problem is the recent attack on subsidies for the oil companies.

Attacking the $4 billion subsidy of the oil industry is absurd when, according to the CBO, in 2011 renewable energy accounted for $16 billion of the estimated budgetary cost of federal energy-related tax preferences (http://1.usa.gov/H1h80R).

subsidy is the language of

Submitted by MrSnuggles on Thu, 04/05/2012 - 5:34pm.

subsidy is the language of the left, what you are talking about is tax breaks which every business enjoys.

$5 gas is the new $4 gas.

Submitted by dave_worrell on Thu, 04/05/2012 - 5:43pm.

And...

Debtor Nation is the new Super Power.

Poor is the new Rich.

Pound foolish is the new Penny Wise.

Economic Indifference is the new Fiscal Responsibility.

We're not stupid, MSM. If you don't watch yourself, Republican will be the new President. ;)

eventually black becomes

Submitted by jkwtrading on Thu, 04/05/2012 - 6:18pm.

eventually black becomes white...

and up becomes down

Submitted by KornKing on Thu, 04/05/2012 - 10:07pm.

but then again, appears we're already there

Really

Submitted by oldfart on Thu, 04/05/2012 - 6:28pm.

Then he should agree to cover the cost of an over-the-road owner operator who drives an 18-wheeler for the next 12 months.
Then let us see what he has to say!!

I think one fill up of the saddle tanks might be enough of a cure - what do you road warriors say?

LOL

The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane.” – Marcus Aurelius

No big deal, jerks? It's a BIG deal!

Submitted by Mary Louise Turner on Thu, 04/05/2012 - 6:59pm.

Gas prices are a very big deal, because they affect almost everything we do, from riding buses to feeding our families. When gas prices go through the ceiling, prices go up too, making it difficult for rich and poor alike. What this president (emperor) and his toadies want is a nation of government dependents, excepting themselves, of course...

If GW Bush were still in the

Submitted by Smartypants on Thu, 04/05/2012 - 9:02pm.

If GW Bush were still in the White House, rest assured the price of gas would matter to no end; this would be exacerbated in an election year. When Bush was President, $2.75/gal gas was portrayed as the end of the world as we knew it.