Oil & Gas Prices

Does David Brooks read the news?  I’m sure he does, but with the liberal media failing to report on the spike in gas prices – it’s no surprise that this New York Times Republican thinks the price of oil has gone down...instead of the "worst February on record."

On the PBS Newshour last night, Ruth Marcus filled in for Mark Shields, and said that the new jobs numbers are a positive development.  However, the expiration of the payroll tax holiday will be a drag on the economy.  Brooks chimed in saying, “well, I mean, obviously, there are drags. And I agree. Things are drags. But there are also pluses out there, the lowering of oil, of gas prices, that is obviously a plus. So there is a complex mixture of things.”

This is demonstratively wrong.  As the MRC’s own Julia Seymour of the Business and Media Institute reported last month:

It is well-established that the broadcasts networks covered rising gas prices different under President George W. Bush’s administration than they did President Barack Obama, in tone and even the amount of coverage.

In addition to fueling discontent with many gas price reports, one of the networks’ frequent suggestions for lowering gas prices during the Bush years was for the federal government to release oil from the U.S. Strategic Petroleum Reserve (SPR), a 727 million barrel emergency supply of oil stored in salt caverns in the Gulf states. These same media outlets have been much less insistent about Obama releasing oil from the SPR, and were quicker to praise him when he did.

The rogue collection of bureaucrats known as the Environmental Protection Agency continues its lawless ways. The establishment press continues to serve as enablers.

In January, a federal court vacated the EPA's regulations mandating the use of cellulosic biofuels which weren't produced at all until last year, and barely exist now. In response, the agency, directly defying the court, increased the production requirement of these fuels for 2013. In covering the story, as I noted at NewsBusters on January 31, the Associated Press's Matt Daly only wrote that "An oil industry representative said the Obama administration was thumbing its nose at a ruling last week by the U.S. Court of Appeals for the District of Columbia" -- as if the agency's action was only a matter of some eeeevil oil guy's opinion.

It appears not everyone in America is as enthralled with Barack Obama's economic policies as his fans in the media.

When NBC Tonight Show host Jay Leno made a joke about the president not understanding economics, the studio audience cheered, applauded, and whistled (video follows with transcript and commentary):

On Sunday, 35,000 protestors marched on the Washington Mall urging President Obama to reject the Keystone XL pipeline, giving the Washington Post’s Steven Mufson ample space to hype the march.  In the 20 paragraph expose, the Post fails to label the protestors as liberal once and does not include any quotes from supporters of the pipeline, instead choosing to hype their global warming hysteria.  

Instead, the article is peppered with liberal quotes, while criticizing President Obama from the left:

Leaders of the rally said they wanted to press Obama to follow up on the strong rhetoric in his inaugural address about the need to slow climate change.  The official posters at the rally borrowed Obama’s campaign slogan “forward.”  The read: “Mr. President, Forward-on Climate.”

Here's something to keep in mind in the context of the past several years, as well as during the current runup in gas prices: They're more than likely higher than the press's reported "national averages."

On Friday, the Associated Press reported the following concerning gas prices: "The national average is $3.64 a gallon, up a cent and a half from Thursday, with the highest prices in California, the Northeast and the Midwest." It would appears that the press typically uses GasBuddy.com for its national average quote, which is currently just above $3.68. I really don't intend to knock the web site, whose primary mission is to help consumers find the cheapest gas prices in their neighborhood. But their quoted "national average" appears to really be the average of each of the 50 states plus DC giving each state equal weight, without any accounting for states' widely varying populations. And yes, the difference matters by enough that it's worth noting.

On Friday, Renee Dudley at Bloomberg News exposed the contents of February 12 internal emails revealing that Walmart executives are worried -- very worried -- about sales during the first 10 to 14 days of the its most current fiscal period (mostly likely either the first 10 days of February if the company works with calendar months, or 14 days if it began the second period of the fiscal year on Monday January 28).

Their primary concerns are the payroll tax hike and delayed tax refunds, but they may also need to start worrying about higher gas prices (bolds are mine):

Gas prices are at record highs for the time of year, and took a bigger bite out of household income last year than in decades, yet the topic has taken just a fraction of the broadcast network news programs’ time.

“The Energy Department’s statistical arm reported Monday that the average household spent $2,912 for gasoline in 2012, which makes up almost 4 percent of pre-tax income, tying 2008 for the highest percentage in roughly 30 years,” The Hill’s Ben Geman wrote on Feb. 4.

There's a domestic energy boom happening in America producing thousands of jobs with the likelihood of creating thousands more if Washington doesn't get in the way.

Not according to Robert Redford who published a scathing attack on such efforts at the Huffington Post Sunday evening calling on President Obama to "say no" to the Keystone pipeline.

If Hollywood doesn’t like something, then clearly state legislators should react. At least that’s what Dave Fehling, NPR’s StateImpact Texas reporter suggested. StateImpact is a “reporting project of local public media and NPR,” and has many financial backers including George Soros (through his Open Society Foundations).

“Chances may be better this time around that the Texas legislature might actually strengthen regulation of oil and gas drilling by the Texas Railroad Commission,” he wrote on the StateImpact  website that accompanied his radio story aired on Dec. 18, 2012.

Given the current sad state of the economy, when the price of something goes down, that's a good thing because you can buy more of it without breaking the bank, right?

That's not what the host of the MSNBC program Up With Chris Hayes said on Saturday, when he claimed that “the price of energy is too low” and “the massive, extractive energy boom happening in America right now” is getting in the way of promoting renewable power sources.

To paraphrase the estimable Yogi Berra - it’s like deja vu all over, and over, and over, and over again.

The Jurassic Press media is enraptured with a certain story.

With the “fiscal cliff” looming over Washington, D.C., CNNMoney correspondent Steve Hargreaves has proposed that one of the tax increases that should be on the table is a hike on the cost of the gasoline you buy to keep the family car running.

“Currently at 18.4 cents a gallon, the federal gas tax is used primarily to build and repair roads, bridges and other transportation infrastructure,” he stated in an article posted Wednesday on the CNN site. “The tax raises about $32 billion a year.”

Up or down, the media often hype changing gas prices, in spite of a long track record of incorrect predictions. But the most recent forecast stands to benefit media favorite: President Barack Obama.

In recent months, all three broadcast news networks and the USA Today have offered predictions ahead of the presidential election, saying prices would be much lower by late November: after the election.

Presidential elections have been won or lost due to the economy. Herbert Hoover lost to Franklin Delano Roosevelt. Jimmy Carter lost to Ronald Reagan. This election season is no different as polls, including a recent one from NBC News/Wall Street Journal, continue to show the economy is the top concern of voters.

But the network news media often skew economic coverage in favor of liberal candidates and against conservatives. In September 2012, President Barack Obama continued to face a barrage of poor economic news including a GDP downgrade to 1.3 percent, an unemployment rate still above 8 percent and “record” high gas prices. But media coverage of economic issues from that month did not accurately reflect that turmoil. When President George W. Bush sought re-election in 2004, during the exact same time period, broadcast coverage criticized him on the economy despite a GDP of 3.3 percent, an unemployment rate of just 5.4 percent and gas prices a low $1.82.

The latest and possibly last (we can hope) preelection poll from partnership between the Associated Press and GfK Roper International purportedly tells us that most of us "now express prejudice toward blacks" whether we "recognize those feelings or not."

That's the conclusion communicated by AP reporter Sonya Ross and wire service deputy director of polling Jennifer Agiesta. In case we don't get the point, the item's accompanying photograph at the AP national site, Yahoo News and likely elsewhere is of Barack Obama, who despite the recognized and unrecognized racism of most Americans managed to carry 53% of the vote in 2008. Contrary to the report's headline, the AP pair admit that the AP-GfK poll results alone (done online, to add insult to injury) don't prove the point they're trying to make; other bizarre tests are also involved.

NewsBusters reported in April that Matt Damon is creating an anti-fracking film called "Promised Land."

On Friday, the Heritage Foundation's Lachlan Markay revealed that some of the financing for this movie came from the OPEC nation the United Arab Emirates.

CNBC's Joe Kernen on Monday called New York Times columnist Paul Krugman a communist.

Kernen expressed the same sentiments for economist and Huffington Post contributor Dean Baker (video follows with transcript and commentary):

Gas prices have risen to a nationwide average of $3.80 per gallon, per gasbuddy.com early this afternoon, and an Ohio average of over $3.90.

Is Asjylyn Loder at Bloomberg worried about the effects on drivers' pocketbooks and travel plans over Labor Day? Don't be silly. Loder is worried about its impact on Dear Leader's presidential reelection prospects, and avoids the implications of the ten-year rule of another Dear Leader, Venezuela's Hugo Chavez, on the current situation. Her first three paragraphs in graphic form, plus a few more on Venezuela, follow the jump:

"It would be better if energy prices went up."

So amazingly said Politico's Evan Thomas on PBS's Inside Washington Friday (video follows with transcript and commentary):

Friday afternoon, the Associated Press's Jonathan Fahey couldn't get four paragraphs into his report on higher gas prices nationwide without starting to fret about their impact on President Obama's re-election effort.

He also wanted readers to understand without any doubt that President Obama and the by inference his government bear absolutely no responsibility for the recent run-up to a national average of $3.67 a gallon nationwide with statewide averages in California and Illinois topping $4, and conveniently used one interviewed driver as a prop to begin making his quite transparent political point. Later in the report, he inadvertently cited a reason why the government is contributing to higher prices at the pump. I'll cite yet another among many additional government-induced factors later in the post.

Last time I checked the Associated Press was a national news service.

So in a story about how a refinery fire in California will likely cause West Coast gas prices to hit $4 a gallon, why did reporter Jason Dearen ignore the fact that prices are already at $4 a gallon in many parts of the country already?

Robert E. Murray, the founder and CEO of Murray Energy Corporation, told CNN's Soledad O'Brien Friday that the closure and subsequent layoffs at his company's mine near Brilliant, Ohio, were "entirely" due to the anti-coal policies of Barack Obama.

Not surprisingly, the Starting Point host spent much of the eleven-minute segment defending the president she adores from this accusation (video follows with transcript and commentary):

I suppose the Associated Press deserves some credit for what appears to be a grudging acknowledgment that opponents of the oil and gas drilling technique known as hydraulic fracturing, aka "fracking," "sometimes mislead the public." Also, Kevin Begos's story does a good job of letting Josh Fox, producer of the fundamentally dishonest documentary "Gasland," hang himself with his own dodgy, reality-denying words.

But the credit pretty much ends there. Begos's report is a largely a study in false equivalence (y'know, everybody exaggerates -- except, Kevin, opponents do so serially while proponents do so rarely) and psychobabble (y'know, everyone uses "facts" they like and ignores the one that don't -- except, Kevin, for the inconvenient reality that opponents' "facts" are largely falsehoods). The problem is best exemplified in the final excerpted paragraph which follows the jump (bolds are mine):

The Jurassic Press is missing much in their reporting on the $50 billion bailout of General Motors (GM).  The Press is open channeling for President Barack Obama - allowing him to frame the bailout exactly as he wishes in the 2012 Presidential election. 

The President is running in large part on the bailout’s $30+ billion loss, uber-failed “success.”  And the Press is acting as his stenographers.  An epitome of this bailout nightmare mess is the electric absurdity that is the Chevrolet Volt.  The Press is at every turn covering up - rather than covering - the serial failures of President Obama’s signature vehicle.

CNBC's Lawrence Kudlow on Sunday gave Fareed Zakaria a much-needed education on Barack Obama's energy policies.

When the host of CNN's Fareed Zakaria GPS claimed the president deserved credit for the coming "shale revolution," Kudlow smartly replied, "He's giving none of the permits...He's a green energy guy. He's a Solyndra guy and he completely missed the boat on all of that stuff" (video follows with transcript and commentary):

If you were a television news anchor reporting on falling gas prices, why would you say "the best news" was that a gallon of gasoline "might drop another 50 cents by Halloween, just in time for the election?"

Believe it or not, ABC's Paula Faris, appearing on Monday's Good Morning America, actually said exactly that (video follows with transcript and commentary):

Now that Colorado is enduring one of the worst wildfires in its history, liberals are pointing to man-made global warming as the culprit. On Thursday's NBC Nightly News, correspondent Anne Thompson hyped the "dire" and lasting impact of the fires on the environment and pointed toward man-made global warming as the probable cause.

The "increasingly bigger" fires, Thompson said, are "Leading some to question if this wildfire season is worse because of climate change." One of her experts, a professor from the University of Arizona, proclaimed that “we won’t see these forests coming back in our lifetime or even our grandchildren’s life times.”  [Video coming soon.  MP3 audio here.]

Have your gas prices dropped in half in the past couple of months?

Well, the geniuses over at MSNBC believe they have, for in the middle of a segment about fuel costs on the Martin Bashir show Wednesday, a chyron boldly stated, "Gas Prices Down 47% Since April and May" (video follows with transcribed highlights and commentary):