CBS's Smith: Media Were 'Screaming with Our Hair on Fire' About Gas Prices
CBS News veteran Harry Smith finally confessed something that the Business & Media Institute (BMI) have reported for a while and his colleagues elsewhere in the media have already picked up on: gas prices are on a downward trend.
âIt seems like a month ago we were all screaming with our hair on fire about the price of gas going over $3, no end in sight. And now it looks like it's dropping like a stone,â CBSâs Harry Smith marveled on the August 31 edition of âThe Early Show.â
âWhat's happening?â he then asked of oil expert Tom Kloza.
Kloza pointed to a fairly calm hurricane season thus far, noting that âthe market anticipated all sorts of different calamitiesâ that havenât happened. Because of that âweâre seeing much more supplyâ of gasoline on hand, driving down prices.
More than two weeks ago, BMI reported how the media anticipated worst-case scenarios with gas prices in the coming weeks, including one NBC reporterâs prediction that gas would reach $3.50 a gallon.
On August 28, CBSâs rival network ABC noticed a two-week decline in gas prices. âThe Energy Department reports the average price of gas fell by 8 cents a gallon for the second consecutive week to $2.85. Analysts say supplies of gas are now abundant, and thatâs driving prices down,â anchor Charles Gibson reported on âWorld News.â An article the next day in The Washington Post cited similar numbers from the private Lundberg Survey.