It’s déjà vu all over again. Rising gas prices and oil companies’ “record profits” fuel an almost yearly call for investigations into “price gouging.” The media then complain of alleged wrongdoing and fail to ask intelligent questions about the issue.
Rising gas prices are “[k]inda suspicious,” according to CBS “Early Show” co-host Julie Chen on May 23.
Co-host Harry Smith agreed saying, “It makes you wonder at least a little bit.”
As the “Early Show” team blathered about possible “price gouging,” the House of Representatives passed a bill that day to outlaw it. The bill is now before the Senate Committee on Commerce, Science and Transportation.
The media mostly ignore the fact that there have been more than 30 investigations into price gouging over several decades, and not once has anyone found an oil company/industry conspiracy to jack up prices, according to the American Petroleum Institute (API).
When they did admit that an investigation turned up nada, it “boggles the mind” as CNN contributor Andy Serwer said on May 24, 2006.
Still, the media can’t seem to get enough gas price conspiracies. Last August, it was CNN’s Jack Cafferty who proposed the theory that oil companies were artificially lowering the price of gas to re-elect Republicans.
Yeah, we all know how that turned out.
Despite government investigations coming up empty, journalists have remained “suspicious” of the oil and gas industry, complaining about profits and tarnishing their reputation.
CNN’s “In the Money” team welcomed the anti-industry rants of Rep. Dennis Kucinich (D-Ohio) on April 21, and NBC “Today” left out the liberal leanings of an oil “industry watchdog” on May 3.
In 2006, CBS “Evening News” ignored an announcement by the Federal Trade Commission that found no evidence of oil industry price manipulation, and even reported more price fixing allegations two short weeks later.
Broadcast reports on “price gouging” also consistently leave out economists, industry experts, oil companies and the facts about price gouging.
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
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Hawaii tried a "gas cap&
May 31, 2007 - 14:27 ET by upcountrywaterHawaii tried a "gas cap" it's now in the dust bin of history.
Drill some new oil wells, build nuclear to reduce the number of oil fired power plants.. NOPE just leave us exposed to attack, and fuel RATIONING!
1300 IRANIAN PLUTONIUM GAS CENTRIFUGES OPERATING 24-7 OPPS IT'S NOW 8,000
Of course they are suspicious
May 31, 2007 - 14:38 ET by dscottOf course they are suspicious, they understand only socialism, not capitalism. Quite frankly, IMO it's all a ruse. After 30 years of no refinery expansion or building, only an idiot would think there was plenty of product to go around for an ever expanding population (205 million in 1970). They know full well what has happened, their policies have come home to roost and they need a fall guy to take the blame for rising prices because they don't have the guts to tell the public that they decided for us without telling us the intended result. They thought they could limit pollution by capping supply and they knew prices must rise in response, you got to break some eggs to make that omelet.
The bottom line is this, if we aren't going to build more refineries then either the price goes up to keep demand down or the price stays the same and we have rationing. The Dems thought they could just raise the CAFE standards to keep demand the same, what a bunch of idiots.
“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
Auto group to a
May 31, 2007 - 14:38 ET by JDWAuto group to attack fuel-mileage standards
Dems v. big oil yet want increased mileage out of cars?
JDW
News media: Scoreboard for terrorists
The dems want increased gas m
May 31, 2007 - 14:46 ET by MikeBThe dems want increased gas mileage out of cars, but completley ignore the laws of Physics. We have pretty much reached the limits of gas mileage via improved carburetion and fuel injection systems. So, the only way left to increase mileage is to make the vehicles lighter, which results in increased highway fatalities. The Dems will then blame the car manufacturers for the slaughter. It would be nice if the voters would pull their heads out of their collective *ss, and vote every one of these fools out of office.
"A communist is someone who reads Marx. An anti-communist is someone who understands Marx." Ronald Reagan
The new Lexus 600h (hybrid)
May 31, 2007 - 15:31 ET by JDWThe new Lexus 600h (hybrid) will get near 30mpg and do 0 to 60 just above 5 seconds. After reading about it it's hard to imagine what it cannot do, but 'fully equipped' comes at a price. I have not seen a slowdown in interest for the SUV's either, the gore parking lot jpg photo was recently posted here and those were not hybrids. People are going to continue to purchase the cars they desire. The additional fuel pricing will affect nothing other than personal spending.
JDW
News media: Scoreboard for terrorists
I'm just a regular, fairly in
May 31, 2007 - 14:44 ET by BeanManI'm just a regular, fairly intelligent, hard working type electrical engineer. I don't have an advanced degree, just a BS and 25 years of experience. What I know about economics I get from reading Walter Williams, Thomas Sowell, and going to the Foundation for Economic Education (fee.org) web site.
Being an engineer I cannot let my personal feelings or beliefs get in the way of my job. People would die if I did. I have the same approach to learning economics.
Look at the facts and the data. If they don't fit my pre-conceived notion then I must be wrong! I will re-evaluate my position and believe the facts.
Why can't "Journalists" do the same thing. To paraphrase Lena Lamont from "Singing in the Rain" "What are they, dumb or something?"
"What are they, dumb or
May 31, 2007 - 15:34 ET by general company"What are they, dumb or something?"
I prefer selectively stupid, they would rather spew a brain fart they have had then do actual research.
They're just jealous that dem
May 31, 2007 - 14:58 ET by mattmThey're just jealous that demand for their own product is down - thus rendering them incapable of "ad gouging."
You want lower gas prices?...
May 31, 2007 - 15:12 ET by RackieYou want lower gas prices?...you got it. First I'll need a Ryder truck full of pixy dust....
hmm...Let's build a car that
May 31, 2007 - 15:32 ET byhmm...
Let's build a car that runs on bull-**** and Washington will finally be able to supply all of our fuel needs.
:o)
Debra...
MSM was babbeling the other n
May 31, 2007 - 15:35 ET by PKMSM was babbeling the other night that so far out of 30 investigations by state, federal, and independent investigators the oil companies have come out smelling like roses on 29 of them.
could it be that the evil oil companies are smarter than the politicians and their boys.
NAAAAAAAAAAHHHHHHH.
face it gang we have them precisely where they want to be.
Hannity was talking about thi
May 31, 2007 - 16:02 ET by msh1973Hannity was talking about this yesterday...he said that the oil companies only make about .8/gallon, whereas the Government makes about .50/gallon. I guess I think that the Government is "gouging" us with high taxes!
"Hannity was talking a
May 31, 2007 - 16:39 ET by ckc1227"Hannity was talking about this yesterday...he said that the oil
companies only make about .8/gallon, whereas the Government makes about
.50/gallon. I guess I think that the Government is "gouging" us with
high taxes!"
I think Hannity might be off a bit on his numbers. Oil companies earn about 8-9 cents on the dollar, which means they earn about 27 cents per gallon. Still less than the government makes by almost by half....for doing nothing.
I despise high gas prices as the next guy, but who am I to tell anyone how much they can earn? People don't stop to think that a government with enough power to tell oil companies how much they can earn is a government with enough power to tell individuals how much they can earn too. Far fetched? Not if you've heard some of Hillary's comments over the past few days.
And for those out there who think oil companies are ripping us off, man up and start your own oil company and charge whatever you want. Hell, give it away. I mean, it can't be all that complicated, can it?
Hey CBS! Want to lower gas pr
May 31, 2007 - 17:06 ET by bassndudeHey CBS! Want to lower gas prices? Here is where you start.
Save a SeAL, club a liberal!!
Gas prices
May 31, 2007 - 19:31 ET by WoodysviewThe following is a letter I sent to the Sarasota Herald in response to their editorial on how we should conserve.
You want us to change the lifestyle that has made this the greatest country man has ever known. WHY?? Because a bunch of do-good airheads refuse to allow drilling in the Gulf where CHINA IS DRILLING. They have prevented drilling in Alaska where it is said the largest reserve ever known exists. Environmentalist have blocked the construction of new refineries for over thirty years. They also fight tooth and nail against any further nuclear development.
The Rockefeller monopoly was broken up in the thirties and since then our “on the take” Congress has been a willing participant in creating another oil monopoly. You have four companies controlling inventory allowing them to create shortages whenever the choose, thus calling for yet another increase in the retail price of gasoline. Just because you people at the Herald ride bicycles and use rowboats when you go on the water, I am just too old to join your silliness. What we need most of all is someone in DC that will represent those that sent them there. IT IS NOT OUR FAULT!!
GOODBYE AMERICA WHEREVER YOU ARE !!!
25 to 30 years ago when Gas
May 31, 2007 - 23:11 ET by jpm10025 to 30 years ago when Gas prices were as high as they were now, there were actual shortages at pumps. Stations would actually be shutdown.
Today, despite claims of shortages, I have no problem buying as much gas as I want. Its just really expensive.
Yesterday I got a very eye op
June 1, 2007 - 07:03 ET by UnsaneYesterday I got a very eye opening look at the technology involved in just drilling for oil. The innovations and ideas implemented for the extraction of oil and natural gas will STUN those not prepared for it, or those who are clueless about the drilling of oil.
The engineers, scientists, machine workers, and countless others who do the homework and make all of this happen are NOT working for free, nor are they doing this just for the sheer kindness of their own hearts to please humanity.
"HAV3 TH3 BRIDG3S OF INSANITY B33N CROSS3D AND FOR3V3R R3TRACT3D???." - Meshuggah, "3ntrapm3nt", from Catch Thirty Thr33 (2005)