If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.

Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings.

However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.

“Oh, god,” why did he have to use that word? According to MSNBC’s Chris Matthews, the GOP “outsourced” the Republican response to a young, successful Indian-American governor who “had nothing to do with Congress.”

They had to outsource the response tonight, the Republican party. They had to outsource to someone who had nothing to do with Congress because the Republicans in Congress had nothing to do with the programs he was talking about tonight or the record he referred to.

First of all, one might point out that Piyush “Bobby” Jindal was a member of the U.S. House of Representatives from 2004 to 2006. Furthermore, Republican governors are quite important members of the party. The idea that the GOP was bringing in an outsider is flat out wrong.

President-elect Barack Obama named Carol Browner the "czar" of climate and energy policy for the White House, but CNBC's Joe Kernen was wary of her appointment.

"You can see that even in Europe, some of the climate concerns, given this, this once in a lifetime recession, John - to put someone that, an advocate of such strong measures," Kernen said on "Squawk Box" Dec. 11. "Really I've seen her called Brownies or Brownistas. Um. That's a little scary with what's happening right now."

Earlier Kernen was discussing cabinet appoints with CNBC Washington correspondent John Harwood and pointed to new regulations Browner could institute:

It's not like Barack Obama is a socialist or anything. It's just that Thomas Friedman wants him to put a "government master" in charge of the country's biggest manufacturing sector. Friedman made his modest proposal in his New York Times column of today, and expanded on it during a Morning Joe appearance. [H/t reader Tom.]

Video also available here.

I've got three easy reasons why Friedman's idea won't work.

Californians by very wide margins defeated two green initiatives that anthropogenic global warming enthusiasts in the media and in legislative houses across the fruited plain should take heed...but will they?

To begin with, Proposition 7 would have required utilities to generate 40 percent of their power from renewable energy by 2020 and 50 percent by 2025.

Proposition 10 would have created $5 billion in general obligation bonds to help consumers and others purchase certain high fuel economy or alternative fuel vehicles, and to fund research into alternative fuel technology.

Much to the likely chagrin of Nobel Laureate Al Gore and his global warming sycophants in the media, these measures went down, and went down in flames:

Leave it to the foreign press to explain one of the major problems with American over-regulation and subsidies.

The Financial Times published a series Oct. 22 and 23 examining a subject the U.S. media have largely ignored: the effect ethanol mandates and subsidies have had on the ethanol market, investors, and food prices. Here's a hint: the effects are not good.

The first report  highlighted the billions of dollars in losses investors have suffered after fluctuations influenced by legislation. Congress passed a mandate in 2005 requiring 7.5 billion gallons be mixed into the gasoline supply by 2012. They doubled that goal in an energy bill in 2007, requiring 36 billion gallons by 2022.

"Congress and the president created a multi-billion dollar market for corn-based ethanol virtually overnight," the report said, leading to a surge of investment culminating in late 2006. But as more ethanol plants came online and the price of the fuel dropped, the companies' values started declining even as the price of corn continued to rise.

When Tony the Tiger gets fired, we'll know biofuel mandates have taken their toll.

Correspondent Susan Koeppen said on "The Early Show" Oct. 23 consumers would be "paying more and getting less" for some food products they buy because companies are downsizing their products.

"It's called downsizing," Koeppen on the CBS broadcast. "More and more companies are going to start shrinking their products."

Ice cream consumer Yalanda Medina said she felt companies didn't think she was "smart enough to notice" she was getting less. In short, Medina felt "duped."

Koeppen went to "consumer advocate" Edgar Dworsky, who told her that downsizing is "a sneaky way to pass on a price increase."

Nationalization has its consequences. Just note the rhetoric coming from some prominent voices on the left.

The government's foray into offering services normally provided by the private sector by bailing out aging mortgage giants gives it the power to implement "green" building requirements, according to New York Times columnist Thomas Friedman.

He suggested Sept. 23 that any construction financed by government-funded mortgages should be certified "green" according to the standards of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System.

"If we're going to be in the mortgage business as a government, then every government-funded mortgage - at least for a new building - means that building has to be at least Silver LEED certified, okay?" Friedman said at the Sixth & I Synagogue in Washington, D.C. He appeared to promote his new book, "Hot, Flat, and Crowded: Why We Need a Green Revolution--and How It Can Renew America."

Today on Neil Cavuto, Monica Showalter of Investor's Business Daily was on, speaking about their editorial on Nanny Pelosi called "Feckless to Reckless." It's about Nancy Pelosi's recent reckless call to drain the strategic oil reserves in an attempt to answer our problems and pains at the gas pumps, short term. Needless to say, IBD was not impressed; in fact, the article calls for her resignation. You can read about it and watch the video interview at MsUnderestimated's site here.

Thursday’s "Good Morning America" used the Fourth of July holiday to exaggerate the effects that food prices are having on consumers. In its "Hitting Home" segment, reporter Sharyn Alfonsi reported on the price increases of certain Fourth of July barbecue staples, claiming that "Americans are gonna eat 110 million pounds hot dogs and that could take a big bite out of their wallets."

Alfonsi claimed:

NBC's "Today" show handed "New York Times" columnist Thomas Friedman a platform, on Tuesday's show, to rail against President Bush's "incoherent mess" of an energy policy, and demand a $1/gallon gas tax, as well as a $4.50 price floor on gas.

"Today" co-host Meredith Vieira spurred on Friedman as she recited the most inflammatory passages from his Sunday column:

MEREDITH VIEIRA: Well in this column on Sunday, you don't hold back. You refer to the President as our "addict-in-chief." You say his energy plan is, "Get more addicted to oil." You go on to say, "It is hard for me to find the words to express what a massive, fraudulent, pathetic excuse for an energy policy this is." What is it, Tom that, you find so offensive in his energy plan?

U.S. corn futures topped out at record highs on June 11 on the news that the impact of flooding in the Midwest would hurt this year's corn crop, but the June 11 "CBS Evening News" left out one significant detail in its reporting about the crisis.

"[A]gricultural disaster aid has been requested for Iowa, Illinois, Wisconsin and Michigan," CBS correspondent Cynthia Bowers said on the June 11 "Evening News." "The federal government estimates that this year's corn crop will be 10 percent lower than last year's. That's down 1.4 billion bushels, and it's too late to do much about it."

According to a Reuters story, corn prices on the Chicago Board of Trade have shot up 80 percent in the last 12 months, with almost 17 percent of that just this month. But Bowers didn't explain how the prices got so high before the floods, which put consumers of corn products in this vulnerable position. Corn futures were already priced high because of a heightened demand - artificially stimulated by federal government subsidies for ethanol produced from corn.

For several weeks, NewsBusters has been reporting the changing media tide concerning ethanol.

On Thursday, PBS's "NewsHour with Jim Lehrer" joined the growing chorus of press outlets pointing fingers at biofuels as being partially responsible for the growing international food crisis:

The cost of food has soared as more and more corn is being produced for fuel, not food...[I]t is the government's mandate for ethanol that has doubled the demand for corn and sent prices soaring.

Sadly, the segment ignored Nobel Laureate Al Gore's involvement in this matter, as well as his biofuel investments, but still went where few mainstream media outlets would have gone just two months ago (video available here):

Since media began recognizing the international food crisis and its ties to biofuels, NewsBusters has been wondering when press members will expose how intricately linked Nobel Laureate Al Gore is to this controversial issue.

On Sunday, Fox News's Sean Hannity finally did just that.

In a segment on "Hannity's America," the host addressed much of what NewsBusters has been reporting for the past several months about this matter, and established a template that hopefully others in the media will emulate if they are indeed interested in helping to solve this growing problem (video embedded right):

Gas prices got you down? Ride a horse, says MSNBC.

On a "MSNBC Live," report on "sky high gas prices" anchor Tamron Hall relayed the story of one man who is using a horse rather than a vehicle, but did not explain some important reasons why prices have soared.

"The high prices have led ... one Tennessee man to find a more fuel efficient way to get around town in Bradley County: The guy is riding a horse," Hall said on the May 9 broadcast. "It is cheaper to maintain a horse than it is to fill up a gas tank. He says that it costs $150 to $200 a month to ride and feed that pony."

Government meddling with the free-market forces can have ill consequences. Just look at how government mandates for corn-based ethanol have affected the global food supply.

According to CNN senior business correspondent Ali Velshi, CNN viewers rate the economy as the most important issue and named gas prices as their number one concern. "AOL Money Coach" Hilary Kramer agreed with viewers, but regarded Democratic presidential hopeful Sen. Barack Obama's proposal as "valuable" when matched with alternative energy legislation.

"Absolutely right," Kramer said on CNN's May 5 "Issue #1." "That's why Barack Obama with a $150 billion package that he wants to jumpstart an entire industry alternative energy and clean technology could be very valuable, especially matching that up with legislation to force the use of alternative energy."

As media turn against ethanol due to the growing international food crisis, there's one idol they need to topple: Nobel Laureate Al Gore.

After all, this man has not only been strongly advocating the use of biofuels for years, but has also admitted to having investments in companies involved in such agri-business.

Of course, it's possible press members aren't convinced enough about the the connection between ethanol and rising food prices around the world that they're willing to fell their Green God.

If this is the case, might I recommend such fence-sitters immediately read Marlo Lewis's spectacular piece "Food for Fuel Is No Laughing Matter" published at the NRO's Planet Gore blog Monday (emphasis added throughout):

In the past couple of weeks, NewsBusters has been noting that as food prices around the world have soared causing an international crisis, typically green press members have been surprisingly reporting a rather pessimistic view of ethanol.

Without question, the most comprehensive and daring commentary I've seen on this subject to date comes from a program north of the border called The National.

Though not a household name here in the States, the CBC's Rex Murphy is willing to address the heart of this issue in a fashion so honest and unconcerned with the currently in vogue climate alarmism that it is a metaphysical certitude viewers will want to see and read more of his opinions.

Frankly, I'd doubt any American broadcaster would have the nerve to say the following with cameras rolling and microphones switched on (absolutely must-see video available here, transcript follows, enthusiastic h/t to NBer Par for the Course):

Although the economy is showing only a slow rate of growth, consumer spending actually showed an increase for the month of March. But, don't be fooled - that's a bad sign, according to "CBS Evening News" anchor Katie Couric.

"[T]he government reported today that consumer spending in March shot up twice as much as economists were expecting, and it's not because we're buying more - it's because the prices are so much higher, especially food," Couric said on the May 1 broadcast.

However, crediting consumer spending growth, up 0.4 percent according to the Commerce Department, to food inflation is not accurate, according to economist Dr. John Lott.