Monday, May 07, 2007

Misleading Headline of the Week: Gas prices hit record high

CNN "reports": "Gas prices hit record high", then in the very first paragraph:
When inflation is factored in, the new price trails the all-time high in March 1981. At the time, gasoline cost $1.35 a gallon -- in today's dollars, that's $3.13 a gallon, said Trilby Lundberg, publisher of the Lundberg Survey.
It is just dishonest to quote a non-inflation figure in the headline and then contradict it in the 2nd paragraph. No wonder the American public displays such economic ignorance. CNN is not helping.

Update and Bump:
The Associated Press is "reporting" an all-time high.

May 7, 2007, 12:37PM
Gasoline prices hit record average of $3.07

CAMARILLO, Calif. — Gasoline prices have surged to a record nationwide average of $3.07 per gallon, nearly 20 cents higher than two weeks earlier, oil industry analyst Trilby Lundberg said Sunday.

The previous record was $3.03 per gallon on Aug. 11, 2006.

That is not nearly as interesting as the comment section:
rjohn wrote:
Just think, back in November gas went to $1.89-.99, Oh yea,...the elections where going to take place..Now Big Oil (The Republicans) are mad at us. One would think with all the oil we're stealing from Irag, it would be much cheaper. I guess, I'm a disenfranchised republican!!

xjarhead wrote:
Hmmm, prices are going up because of market instability, etc., etc., but yet these bloodsucking oil companies are registering record profits. Wake up America! Get off the Lunesta and kick all of these bums out of office.

JuggerNoggin wrote:
I hate the fact that we live in a society of sheep and are just letting this happen. If the cost of oil was really rising or there was an unstable market, the oil companies would not post record profits. Their margins would shrink and profits would be lower. Oil companies are using the war as an excuse to claim "instability" and raise the prices of oil futures, yet they do not relax prices when the instability is gone. There is absolutely no reason gas should be this costly.

Brace for 4 dollar a gallon gas and don't blame anybody but yourself. YOU are the cause.

lilabner wrote:
first gasoline must be rationed, second the republicans must go
Then a lone voice in the wilderness:

GopBob wrote:
The Republicans must go? I thought that's what happened last November. I don't like the price more than anyone else. Even if we had more oil it wouldn't make a difference. Refineries are running at capacity, it's a simple matter of supply and demand. Stop using as much, consolidate trips, drive less, that means everyone. It's amazing the people that don't understand simple market forces and then hallucinate some conspiracy.
Yes. Supply. Demand. That is it.

Let us build or expand refineries and drill oil wells. Then you will see some market forces at work.

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