Oil & Gas Prices

‘Ask AP’ Writer Fails to Note Quick Retail Response to Oil-Price Drop

AskAP071808.jpg"Ask AP" is "a weekly Q&A column where Associated Press journalists respond to readers' questions about the news."

Not surprisingly, given the deteriorating quality of their reporting, the journalists questioned sometimes give less than perfect responses.

One such example came last Friday from Adam Schreck, AP's Energy Writer, at the end of a week when oil prices had already plummeted over 10% from their peak.

Reader Joseph Patterson from St. Louis asked Schreck this question:

MSNBC Taps Nation of Whiners for Summer Sob Stories

MSNBC.com graphic for Earlier this month, former senator and John McCain economic advisor Phil Gramm was widely excoriated for his remarks about America being a "nation of whiners," discouraged by negative media reports fueling fears of recession.

As my colleague Nathan Burchfiel noted, the context of Gramm's remarks were the media's role in accentuating the negative in economic news and hence ginning up the public's economic fears and complaints.

Of course, the media has done little to prove Gramm wrong. Take, for instance MSNBC.com's "My Miserable Summer" series, which, among other things, takes tales of woe from readers and publishes them on the Web site (h/t NewsBusters tipster Jeff Williams).

The July 23 article by travel writer Harriet Baskas opened with the typical laments:

The Biz Flog – 'Nickel-and-Dime' Accusation Ignores Rising Cost of Jet Fuel to Airlines

Catchphrases provide little context to media stories. So, when it comes to airlines and the phrase “nickel-and-dime,” reports are just becoming lame.

The Biz Flog, the video blog over at the Business and Media Institute, takes at look at the effect the high cost of oil has had on the airline industry, and the effect that has had on passengers seeing higher ticket prices and fees.

Instead of focusing on and explaining the real causes of higher ticket prices, the media have accused the airline industry of trying to “nickel-and-dime” passengers.

On “MSNBC Live” July 9 host Tamron Hall gave a report on the quality of commercial airline travel, calling price increases “nickel-and-dime fees.”

“Passengers think they’re getting nickel-and-dimed,” host of the Today show, Matt Lauer said July 9 on the morning program. “All the things that were free on planes are now costing us.”

NYT's Thomas Friedman: Obama Middle Name Now a Plus!

New York Times columnist Thomas Friedman appeared on Wednesday's "Good Morning America" to gush that the very act of Barack Obama going on his Middle East trip makes one think "he comes back a little wiser, a little smarter." Friedman also asserted that the candidate's middle name, Hussein, would be a plus for him as president. He opined, "I was in Cairo a few weeks ago. And one of things that was so striking is how impressed Egyptians were, simply with the prospect that after 9/11, Americans might actually elect a man whose middle name was Hussein."

(Of course, members of the media became apoplectic when radio talk show host Bill Cunningham used Obama's middle name at a campaign rally for John McCain. In this case, apparently, it's okay.) GMA co host Diane Sawyer set up the Friedman critique by very carefully offering qualifiers about how "we know [Obama] is absolutely American. Absolutely a Christian." She then offered up the new spin that Obama's heritage could be a presidential positive: " ...But in the greater Arab world, does his parental history, his father's history, mean he can move the Arabs more than someone else might be able to?"

Denver Post: DNC Getting Gas Tax Free

Democrats in Congress may not have acted on Sen. John McCain's proposal for a summer gas tax holiday, but that hasn't stopped the Democratic National Convention from getting tax-free gas courtesy of the citizens of the Mile High City, reports the Denver Post this morning.

Filed as breaking news and published at 8:13 EDT on July 23, the Post's Allison Sherry has the scoop here. Below is an excerpt:

Since March, staffers working on the Democratic National Convention have been using the city of Denver's tax-free gas pumps to fill up their cars - and using its carwashes.

A dispute about this prompted city officials Tuesday to promise that the local host committee will reimburse the city at a market rate for gas - and pay state and federal taxes on the fuel.

NYT's Larry Rohter Rides to Obama's Defense Again

New York Times reporter Larry Rohter once again rode to Barack Obama's defense in Tuesday's "Ad Campaign" watch, a review of John McCain's latest TV ad accusing Obama of letting gas prices rise. In "McCain Links Obama and High Gas Prices," Rohter eviscerated McCain's ad for daring to blame Obama for rising gas prices.

From the script of the ad, quoted by Rohter:

Gas prices. $4, $5, no end in sight. Because some in Washington are still saying no to drilling in America. No to independence from foreign oil. Who can you thank for rising prices at the pump? (chant) Obama, Obama.

A clearly displeased Rohter rushed to Obama's aid:

ACCURACY Mr. Obama is not against all drilling for oil and gas, only drilling offshore, a crucial word in the debate on energy policy but one never mentioned here....even before the recent spike, oil prices had been rising for a decade, the result of a variety of political and economic factors in places as far afield as China, India, Venezuela and Nigeria. So it is difficult to understand how Mr. Obama, a first-term senator, can be held responsible for that phenomenon.

Conspiratorial Dan Rather: Big Oil Will Cut Gas Price to Help McCain

The tree doesn't grow far from the apple. A little under two years after Katie Couric, Dan Rather's successor as anchor of the CBS Evening News, suggested just before the 2006 election that President Bush was manipulating gas prices to benefit Republican candidates, on the syndicated Chris Matthews Show over the weekend a conspiratorial Rather predicted “the people who can affect the price of oil would prefer a Republican” presidential victory, so “watch the price of oil.” Rather didn't identify these people, but presumably he meant Big Oil executives who he thinks can raise or lower prices at their whim. In the “Tell me something I don't know” segment, Rather told Matthews:

Things to watch with the thought in mind many people vote their pocketbooks when it comes to voting for President: price of oil. The price of oil has been high. The people who can affect the price of oil would prefer a Republican presidential candidate. Watch the price of oil. If it goes down, which it may very well it could help John McCain quite a bit.

Matthews tried to clarify: “October surprise?” Rather promised “October or before” and then anticipated “you'll hear the argument, 'listen, we never were in a recession, it was a near recession but wasn't actually a recession.'” Of course, as things stand now, that would be the truth, but in Rather's eyes that apparently would reflect some kind of nefarious scheme to fool the public.

Omission Watch: Dems 'Quietly' Call for Gas-Tax Hikes

Democrats think gas taxes are too low, and four-dollar-a-gallon gas is too cheap. Associated Press raised eyebrows with a story headlined: "No gas tax holiday: Congress considers raising pump tax to help repair crumbling highways." Reporter Jim Abrams found that "Now, lawmakers quietly are talking about raising fuel taxes by a dime from the current 18.4 cents a gallon on gasoline and 24.3 cents on diesel fuel." But the lawmakers he cited were Reps. James Oberstar and Peter DeFazio, both liberal Democrats.

John McCain is quoted briefly announcing that economists didn’t like his gas-tax-holiday proposal, and Sen. Jim DeMint is allowed to argue that Congress is wasting billions of highway dollars on earmarks. But almost the entire AP story is dedicated to the views of those Democrats and "nonpartisan" groups lobbying for a gas-tax hike.

Notice how reporter Abrams suggests that the objective truth is that highway spending is too low, but he makes no attempt to give the reader any idea what the budgetary trend is, whether spending has been increasing year after year. He merely suggests that current spending is below what Congress wants to spend:

It's OK to Discuss Pickens' Windmill Investments but Not Gore's

For many months, NewsBusters has been reporting the financial interest Nobel Laureate Al Gore has in advancing global warming hysteria, and has continually wondered when media will raise this issue to the American people.

On Sunday's "Meet the Press," Gore gave host Tom Brokaw the perfect setup to ask him about his investments in renewable fuel technology when the former Vice President mentioned how much money T. Boone Pickens has put into windmill farms.

Predictably, Brokaw missed this opportunity to be the first major, mainstream media member to ask the Global Warmingist-in-Chief about his own investments, and just how much he stands to make if America does indeed shift all of its electricity production to renewable sources of energy.

Here's the exchange in question (video embedded below the fold):

Gibson Calms Down as ABC Leads with Good Econ News, But CBS...

A night after ABC anchor Charles Gibson hit full panic mode by leading with how “markets are gyrating, inflation is rising, banks are closing” and suggesting money is only safe “under the mattress,” on Wednesday night he actually began with how “Wall Street posts its best day in months. Financial stocks rise. The price of oil falls.” But he couldn't be completely upbeat as he proceeded to note that “consumer prices also rose sharply.”

Katie Couric, however, was one hundred percent negative. After teasing Wednesday's CBS Evening News by asserting “the economic vise tightens,” Couric intoned over a matching graphic (see above):

Good evening, everyone. We wish we didn't sound like a broken record, but once again tonight there is troubling economic news. Americans are getting it from all sides. From inflation. Today the government reported the second-biggest monthly increase since 1982. To the mortgage mess where a tight market has sent prices tumbling 29 percent in one year in southern California. And the banking crisis. The FBI is now investigating the failed bank IndyMac for fraud. We have a team of correspondents covering these economic developments tonight...

CNN Split Screen Pits ANWR-drilling Advocate vs. B-roll of Wildlife

So much of the liberal bias on cable networks is visual. It can impact the casual viwer on the treadmill at the gym watching with the audio off. Case in point is the video embedded at right from the July 15 edition of "The Situation Room" on CNN. [audio available here]

In it, anchor Wolf Blitzer tries to put a substantial wedge between House Minority Leader John Boehner (R-Ohio) and presumptive GOP nominee Sen. John McCain (R-Ariz.) over drilling for oil in ANWR. Notice that while Boehner defends opening up a small patch of the national Arctic wilderness for oil exploration, CNN producers make Boehner share a split-screen with footage of frolicking wildlife. The caption on screen reads, "Republicans at Odds Over Oil: McCain Against ANWR Drilling."

The message is clear: the GOP is the party that wants to shed [animal] blood for oil.

The Biz Flog – Oil in ANWR

Although media reports on the Arctic National Wildlife Refuge (ANWR) usually contain majestic pictures of animals frolicking, few mention the financial benefits and public support for drilling there.

“[T]he 1.5-million-acre tip of the Arctic National Wildlife Refuge is critical for the health of an ancient caribou herd,” weatherman Sam Champion said on the May 6 “Good Morning America.”

“It’s a safe haven for calving every spring. The same area is valuable for another reason. Underneath it lies billions of barrels of crude oil, as of yet untapped. Oil companies say drilling can be done without danger, but environmentalists disagree. They think drilling would devastate the land and its wildlife,” said Champion.

The Biz Flog, the video blog of the Business & Media Institute, for July 16 focused on what it would take to drill in ANWR and how long it would take the financial benefits to get back to consumers.

IBD - Pelosi 'Feckless to Reckless,' Calls For Resignation

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.

Oil Drops Over $6 a Barrel; I Wonder Why?

I received this CNNMoney.com e-mail just before 6 PM ET:

CNNoilPriceEmail071508.jpg

Hmmm. So they think it's all on Ben's shoulders.

The headline at the Associated Press's coverage by Adam Schreck says that the drop was due to "bad economic news."

But at least one person quoted earlier today (11:26 a.m., according to the link; HT NixGuy) had a different view, and he said what he said to CNNMoney.com, the same outfit that sent me the e-mail:

LiveBlog: President Bush's July 15 News Conference

Update (13:40 EDT): You can see in bold some of the questions I thought particularly biased. I've clipped Mark Smith's first question about turning the thermostat down and driving less and posted that video on EyeBlast.tv. You can find it embedded at right. [Official White House transcript available here.]

10:17 EDT: President Bush will hold a press conference in a few minutes, I'll be watching and live-blogging questions from the press corps. I'll update the blog post after the fact (assuming President Bush takes questions) with a link to the official White House transcript. If warranted, we may also post video of the most biased questions.

11:09 | President thanks reporters for their time, closes conference.

11:06 | Olivier (sp?): "Is President Karzai correct and do you think the new government in Pakistan is willing to combat terrorism?"

11:02 | Ryan: Do you think it [the economy] changes before you leave office?

10:59 | April Ryan, American Urban Radio Networks: "When in your guestimation will this country see a turnaround on the soft economy?" Also asks about what's happening in Sudan.

10:57 | Compton presses again on oil company question.

10:55 | Ann Compton, ABC Radio: "You never mention oil companies. Are you confident that American oil producers are Mark Smith, AP | NewsBusters.orgtapping all the sources they have out there, including offshore?" Compton also asks about Iraq and what Bush will leave his successor.

10:53 | Smith of AP Radio asks if President Bush sees the "value" of a campaign to push for conservation.

10:52 | Mark Smith, AP Radio: "Mr. President, understanding what you say about energy supplies being tight and the debate over energy, which has gone on for years and will continue long through the campaign and into the next administration -- one thing nobody debates is that if Americans use less energy the current supply/demand equation would improve. Why have you not sort of called on Americans to drive less and to turn down the thermostat?"

10:50 | Roger Runningen, Bloomberg News on a second stimulus: "Is it too late to consider a second one?"

Reuters Calls Bush Drilling EO 'Symbolic,' Attempts to Buck Up Dems

That must be some crystal ball Reuters reporters Jeremy Pelofsky and Tom Doggett have.

They somehow know that George W. Bush's Executive Order lifting an Executive Branch ban on offshore drilling will work out to be "largely symbolic" -- even though Congress's ban will expire on September 30 unless it's proactively renewed.

Further, Pelofsky and Doggett seem to almost know that since Barack Obama opposes any additional offshore drilling, not enough of his fellow party members will defect from that position between now and the Congressional ban's expiration, regardless of whether he remains competitive or sinks in the polls in the meantime.

Here's what the pair had to say on those two topics in their "objective" report (bold is mine):