Oil & Gas Prices

In denouncing President Obama's rejection of the Keystone XL pipeline project today, the Washington Post gets it right, but not for the Right's (pun intended) reasons, defending the job-creating project from a liberal position.

The Post editorial board argued today that approving the Keystone XL project "should've been an easy call for the administration." "We almost hope this was a political call because, on the substance, there should be no question," the editorial board concluded, laying out a case from the Left as to why stopping the pipeline isn't going to do squat to "reduce global warming" anyway. But, being the Post, they concluded with a call for higher gas taxes:

When President Obama put off giving the go-ahead to build the Keystone Pipeline until after the 2012 election, it put the liberal media in a difficult position. Just about everyone from Big Labor to congressional Republicans to the states through which the Keystone would run agrees it would create thousands of jobs, strengthen ties with Canada and reduce dependency on oil from unstable and unfriendly nations.

Obama, who has yet to embrace a jobs scheme that actually produces jobs, bowed to the environmentalists and wealthy celebrity liberals who hate the Keystone Pipeline, which would run from Canada to the Gulf Coast. Journalists like CNN Money reporter Steve Hargreaves were left to defend the decision.

For conservatives, one of the bright spots of the Occupy Wall Street protests was when millionaire investor Peter Schiff went down to Zuccotti Park with video camera and a sign reading "I Am The 1% - Let's Talk."

On Tuesday, I had the pleasure of speaking with Schiff by telephone in a sweeping interview about his experience at OWS, how the financial media are doing, and ending with his rather frightening view of the economy and the future of our nation (video follows with transcript):

For years while George W. Bush was in the White House, the three broadcast networks and other media repeatedly hyped the threat of rising gas prices, exaggerated the "record" price of gas and incorrectly predicted, $4, $5 and $6 gasoline or even higher. Now the gas price story has been turned upside down under the anti-oil presidency of Obama, despite sustained high gas prices.

MSNBC daytime host Tamron Hall failed to use the J-word -- jobs -- in alerting MSNBC viewers today of President Obama's decision to delay his decision on authorizing the proposed Keystone oil pipeline.

Noting the story on the 2 p.m. Eastern NewsNation program, Hall described the "massive oil pipeline" project as "controversial" because it would run through "an environmentally-sensitive area in Nebraska." As such, Hall added, President Obama wants to explore "other possible routes." Meanwhile "digging is on hold, likely until after the presidential election."

Four hours earlier on Chris Jansing Reports, substitute host Richard Lui very briefly noted that "critics claim the delay will cost the U.S. some 20,000 new jobs." There was no reference to the fact that many of those critics are Democrat-friendly labor unions.

As young, foolish, unemployed Americans Occupy Wall Street, liberals in the media have predictably cheered the protests.

Some, like schlockumentarian Michael Moore, participated in the goings on, telling the crowd last week that the folks inside the buildings surrounding them were solely responsible for the nation’s economic woes (video follows with transcript and extensive commentary):

It certainly wasn't a Paul Krugman moment, but is the tenth anniversary of the biggest attack on our mainland a good time to say, "Fifty years from now, we might even look at 9/11 as simply the beginning of the decline of America?"

That's what Fareed Zakaria said Sunday on the CNN program bearing his name (video follows with transcript and commentary):

America was in a post-stock market bubble bursting recession, had just suffered its worst mainland attack in its history, and New York Times columnist Tom Friedman believes ten years later all would have been made right if the President of the United States on September 12, 2001, had raised taxes.

This is what Friedman, in his most recent blame all the troubles of the world on George W. Bush rant, called "The Whole Truth and Nothing But" Wednesday:

Charles Krauthammer on Fox News's "Special Report" Friday offered Republicans a 2012 campaign slogan to defeat Barack Obama.

"President Zero: zero economic expansion, zero jobs, zero ideas on how to cure the economy" (video follows with transcript and commentary):

George Will and Donna Brazile had a telling exchange on ABC's "This Week" Sunday.

After Will listed all the excuses President Obama makes for the poor economy, Brazile said, "I thought you were going to mention media" leading Will to smartly retort, "They're not his problem" (video follows with transcript and commentary):

Congresswoman Michele Bachmann (R-Minn.) caused quite a stir last week when she said if elected president she would bring back $2/gallon gasoline prices.

On CNN's "Reliable Sources" Sunday, New York Times columnist Tom Friedman - without supplying any economic data to support his claim - called Bachmann's pledge "flat out nuts" (video follows with transcript and commentary):

As NewsBusters has been reporting, the Obama-loving media have largely been gushing and fawning over the current White House resident taking a vacation on Martha's Vineyard as the economy appears to be heading into a double-dip recession.

Giving an interesting insight into the President's decision to not call Congress back from its summer break to tackle the problems facing the nation was New York Times columnist Maureen Dowd who wrote Sunday:

As NewsBusters reported, MSNBC's Chris Matthews on Wednesday took some poorly-researched cheap shots at conservative talk radio host Rush Limbaugh.

Limbaugh responded Thursday explaining that this is borne of frustration over the failure of Barack Obama noting, "The Chris Matthewses and the media are very close to the rioters in London in terms of anger, disappointment" (video follows with transcript and commentary):

The AP's coverage of the U.S. economy late Friday focused on high gas prices as the dominant, uh, driver of this year's anemic growth both visually and in its text.

As will be seen after the jump, the graphic at the AP's national site is of a gas price sign. The final sentence in the caption of the full-size version reads "High gas prices and scant income gains forced Americans to sharply pull back on spending."

The underlying report by Christopher Rugaber and Paul Wiseman predictably mentioned gas prices first and foremost, tagged debt-ceiling negotiations as a suddenly important contributor to economic uncertainty (where have they been while President Obama, his cabinet, his czars, and his hyperactive regulators have been injecting uncertainty in megadoses during the past two years?), and relayed Ben Bernanke's months-old warning that cutting back too much on government spending would hinder economic growth:

New York Times Public Editor Arthur Brisbane gave a dressing down to reporter Ian Urbina’s heavily criticized recent Sunday front-page article on natural gas extraction, “Insiders Sound an Alarm Amid a Natural Gas Rush,” in his Sunday column, “Clashing Views on the Future of Natural Gas.” The benign headline concealed a reasonably incisive critique, accusing Urbina of making unsubstantiated claims and failing to provide sufficient opposing views.
 
Urbina (pictured) has also penned questionable articles on the supposed environmental dangers of “fracking,” a process used to extract natural gas from shale. Brisbane wrote Sunday:

Speaking just for myself, I think that President Obama tapping into America's strategic oil reserve was an extremely unwise and dangerous move.

They can say that he didn't do it for political purposes, but until the cows come home and set up housekeeping, I still won't believe it.

New York Times reporters Danny Hakim and Nicholas Confessore filed another in a series of front-page stories Friday  revolving around the natural gas industry, especially the “fracking” process by which natural gas is obtained from shale and is opposed by liberal environmentalists. This time the scene is the paper’s own backyard: “Cuomo Moving To End a Freeze On Gas Drilling.”

The Cuomo administration is seeking to lift what has effectively been a moratorium in New York State on hydraulic fracturing, a controversial technique used to extract natural gas from shale, state environmental regulators said on Thursday.

The process would be allowed on private lands, opening New York to one of the fastest-growing -- critics would say reckless -- areas of the energy industry. It would be banned inside New York City’s sprawling upstate watershed, as well as inside a watershed used by Syracuse, and in underground water sources used by other cities and towns. It would also be banned on state lands, like parks and wildlife preserves.

The front page of Wednesday’s National section of the New York Times featured the suddenly ubiquitous Ian Urbina advancing the paper’s agenda against the natural gas industry, as he’s been doing all week: “Lawmakers Seek Inquiry Of Natural Gas Industry.”

Luckily for the Times, it found a few liberal Democrats to keep the story going by calling for an investigation into industry practices.

Tina Korbe at Hot Air has a good roundup of the rebuttals to Urbina’s slanted reporting. Korbe summarized Urbina’s Sunday piece:

It seems these days Bill Maher puts his foot in his mouth virtually every time he's in front of a camera.

On Friday's "Real Time," the holier than thou host actually said liberals never talk about nationalizing the oil industry minutes before calling former Alaska governor Sarah Palin and Congresswoman Michele Bachmann (R-Minn.) a couple of "crazy" "know nothings" "who both get their historical facts wrong all the time" (video follows with transcript and commentary):

For years America's media have been enthralled by anything that supports the theory that carbon dioxide is warming the planet leading to an imminent cataclysm if governments don't regulate this partially man-made gas.

By contrast, reports that might undermine CO2's importance in global warming, like the following released Tuesday by the AAS Solar Physics Division in Las Cruces, New Mexico, predicting a sharp decrease in solar activity in coming years, typically get either little attention or are downplayed:

Early Tuesday morning, David Shepardson and Christina Rogers at the Detroit News ("GM's Akerson pushing for higher gas taxes") reported that General/Multi-Government Motors CEO Dan Akerson "wants the federal gas tax boosted as much as $1 a gallon to nudge consumers toward more fuel-efficient cars."

Later in the interview, Akerson was much more emphatic about what he would like to see done immediately:

"You know what I'd rather have them do — this will make my Republican friends puke — as gas is going to go down here now, we ought to just slap a 50-cent or a dollar tax on a gallon of gas," Akerson said.

As no clear frontrunner emerges in the Republican presidential nomination race, the liberal media are in a full-scale panic over the thought that the former governor of Alaska might eventually enter and challenge their beloved president in November 2012.

On Sunday, "Face the Nation's" Bob Schieffer asked Mississippi Governor Haley Barbour with some incredulity, "Could you ever envision yourself supporting a ticket that had Sarah Palin at the top?" (video follows with transcript and commentary):

Fox News's Greta Van Susteren on Saturday took issue with New York Times columnist Charles Blow's recent piece "False Choice."

In it, the perilously liberal commentator criticized Republicans for wanting to solve the nation's economic woes with a mixture of tax and spending cuts:

An hour before the disastrous June jobs report was released yesterday morning, NewsBusters publisher Brent Bozell chatted with "Fox & Friends" anchor Brian Kilmeade about the media's spin job on the Obama economy.

[See video of the segment embedded below the page break]

Warning: The following cop-out explanation by Associated Press Retail Writer Mae Anderson will make many readers' heads hurt. Knowledge that she found an economist willing to support it may cause migraines.

Consumer confidence as reported by The Conference Board fell to 60.8 in May from 66.0 in April -- "unexpectedly," of course, as the headline for Ms. Anderson's article indicates.

But really, it was just a blip and super-duper confidence is just around the corner. Just ask Chris Christopher (yeah, that's his real name):