CNN 'In the Money' Drops Conspiracy Theory When Interviewing Oil Analyst
The recent discovery of new oil reserves in the Gulf of Mexico was the perfect excuse for CNNâ€™s Jack Cafferty to revisit his election-year conspiracy theory. But when the September 9 â€śIn the Moneyâ€ť aired, the programâ€™s panelists talked to an oil analyst about the future of oil and gas prices, leaving out the idea of a Big Oil-GOP axis of petrol.
â€śYou know, if you were a real cynic, you could also wonder if the oil companies might not be pulling the price of gas down to help the Republicans get re-elected in the midterm elections a couple of months away,â€ť Cafferty suggested on the August 30 â€śSituation Room,â€ť just five days before the Chevron (NYSE: CVX) oil discovery.
Cafferty, prompted by panelist Jennifer Westhoven, repeated the allegation on the September 2 â€śIn the Money.â€ť â€śCertainly the thought had crossed my mind. I mean, the oil companies have a vested interest in seeing that the Republicans remain in control of the federal government,â€ť he remarked.
â€śThey wouldn't pull prices down before the mid-terms now, would they?â€ť he added over laughter from his fellow panelists.
With Cafferty absent from the September 9 â€śIn the Money,â€ť neither substitute host Andy Serwer or program panelist Allen Wastler raised Caffertyâ€™s theory when interviewing oil analyst Fadel Gheit.
â€śI guess the big question,â€ť Serwer asked Gheit, is â€śwhere does gasoline go from here,â€ť adding that it is â€śwhat Americans are most concerned about.â€ť
Gheit replied that â€śgasoline prices will likely reflect the oil prices, which have been coming down.â€ť While Gheit added that he doesnâ€™t think the price will fall to $2 a gallon, he linked lower gas prices with lower crude oil prices. Lower crude prices, he added, have resulted from a lessening of global political tensions.
By the same token, he said geopolitical problems in the future could drive prices up again, though â€śall of these things are temporary; they are not going to be here for the long haul.â€ť
Serwer later prompted Gheit to give his opinion about the new Gulf of Mexico oil find. Noting that he was reading â€śTwilight in the Desertâ€ť by Matthew Simmons, â€śone of these peak oil guys,â€ť Serwer asked for Gheitâ€™s opinion on the notion that the oil industry has hit its peak of oil production. Simmons claims â€śwe have reached peak oil production in the world and it is all downhill from now,â€ť Serwer noted. â€śDoes this discovery in the Gulf suggest that thatâ€™s not true at all?â€ť he asked.
â€śGuess what, it is time [for that theory] to be dead by now,â€ť Gheit said, noting that the theory was popular 25 years ago and didnâ€™t live up to its dire predictions then.
â€śItâ€™s a good headline grabber, itâ€™s an interesting discussion in a cocktail party, but doesnâ€™t hold water,â€ť he asserted.