Media Premature on Anticipated Doom of $100/Barrel Oil
â€śCrude briefly cracked $90 a barrel for the first time and analysts say that will soon trickle down to the pump,â€ť Alexis Christoforous said on the October 20 â€śCBS Evening News.â€ť â€śSome predict gas will jump $0.20 or more in the coming weeks. And if crude tops $100 a barrel, they say we could be looking at $5 a gallon.â€ť
â€śIn other news, oil prices took another big jump toward the $100-a-barrel mark today with plenty of new signs that milestone could be right around the corner,â€ť ABCâ€™s Charles Gibson said on the November 6 â€śWorld News.â€ť
And Gibson wasnâ€™t alone making the $100 predictions.
â€śIf you follow the news here with any regularity, then you know just how dangerous our world is at this very moment and we are apparently about to pay for it here in a big way,â€ť Brian Williams said on NBCâ€™s November 6 â€śNightly News.â€ť â€śMost of the people who follow the price of oil for a living say itâ€™s headed for $100 a barrel and quickly, as early as tomorrow, and that will be very bad for virtually every facet of American life.â€ť
And this fearmongering in the media over the $100-barrel oil that hasnâ€™t happened has even been used by left-wing political operatives to promote their causes. Liberal Democratic presidential hopeful Dennis Kucinich used it to advance his case for the impeachment of Vice President Dick Cheney on CBSâ€™s November 7 â€śThe Early Show.â€ť
â€śYou know, you started off your news report today saying that gasoline could be going to â€“ or that oil could be going to $100 a barrel,â€ť Kucinich said. â€śIf we go ahead and attack Iran, that would be another war based on lies. Gasoline, oil will go through the roof and people will be paying not $3 or $4 a gallon for gas, but $10. Thereâ€™s a direct connection between the conditions we have right now and what this administration is doing.â€ť
The recent fall in oil has gone mostly unnoticed, with exception of the November 28 ABC â€śWorld Newsâ€ť and the â€śNBC Nightly News.â€ť
CNBCâ€™s Erin Burnett reported the fall in oilâ€™s positive effect on the stock markets on the November 28 â€śNightly Newsâ€ť and Williams expressed his surprise.
â€śWell, importantly, there is good news out there to be found,â€ť Williams said.
The market price of crude could fall even more when the Organization of Petroleum Exporting Countries (OPEC) meets December 5 in Abu Dhabi, in the United Arab Emirates. OPEC is expected to increase production.