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

May 4th, 2006 4:56 PM

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.