Lou Dobbs and the Merry Men and Women of CNN promoted a windfall
profits tax on oil companies that Dobbs nicknamed a Robin Hood
Tax. Dobbs set up a November 7 story asking if oil companies should
have to give back some of those giant profits to American
citizens.
Reporter Louise Schiavones story told viewers that Energy prices
have gone through the roof and somehow taken a route through your
wallet to get there. Schiavone didnt stop there. Her broadcast
featured complaints about A long simmering post-hurricane
resentment about rising gas prices erupted into out-and-out charges
of price gouging after Exxon Mobil posted third-quarter profits of
almost $10 billion.
Oil companies profited from price spikes, but they didnt
arbitrarily set their prices extra-high. Market forces determined
prices. But Schiavone didnt explain that, and she didnt bother to
mention that gas prices have dropped 68 cents per gallon since their
post-Katrina highs, declining every business day since October 6.
The story featured the ongoing media claim that some profits are
more outrageous than others. The persistent media assault on oil was
featured in a recent Business & Media Institute analysis, Fueling
Outrage
The Schiavone story highlighted Sen. Chuck Hagel (R-Neb.), who was
trying to bully oil firms into giving away money, and a
representative from the left-wing group Public Citizen. Schiavone
listed two possible versions for the tax increase, though she left
out the obvious choice of no increase, adding as you might imagine,
the oil industry is opposed.
Schiavone added that the American Petroleum Institute not only
opposed the tax, but they say they need more breaks from congress
to look for, define and deliver the product. Dobbs replied: One is
not entirely surprised on the decision on the part of big oil.
Dobbs Takes Aim at Oil Companies
November 8th, 2005 2:00 PM
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