Oil Under $70, Wholesale Gas Under $2: Will Media Report It?

For the second day in a row, energy prices plummeted on commodities exchanges across the globe. Oil closed under $70 per barrel for the first time since April 7, adding another $2.34 to yesterday’s $2.12 decline, making for a 6 percent two-day slide. Since trading as high as $75.35 on April 21, oil has now retreated more than $5, or greater than 7 percent.

The media have yet to notice.

At the same time, wholesale gasoline closed under $2.00 per gallon for the first time since April 10, dropping 9 cents for the second day in a row. This brings wholesale gas prices down by almost 11 percent from their $2.23 April 19 high.

As the media largely ignored yesterday’s declines as reported here, it remains to be seen whether they will consider this newsworthy either.

Don’t bet on it.
Noel Sheppard
Noel Sheppard
Noel Sheppard, Associate Editor of NewsBusters, passed away in March of 2014.