Posted on 04/20/2006 1:25:45 PM PDT by fight_truth_decay
Though in constant, inflation-adjusted dollars -- the only way to measure prices over time -- a price of a barrel of oil will have to exceed $87 to reach a record high, the broadcast networks have been falsely trumpeting nominal oil prices as a "record high." On Wednesday night, for instance, CBS Evening News anchor Russ Mitchell inaccurately asserted that "oil prices hit another record high today, closing above 72 bucks a barrel." NBC's Brian Williams wrongly claimed that oil prices were "surging to yet another record high close. The gain on the day 82 cents per barrel. Closing price of oil, $72.17 a barrel, the third record close in a row." ABC anchor Elizabeth Vargas teased, "Big Oil. Crude hits a record high for the third day in a row."
Some print outlets have noted reality in stories about "record high" prices. In the April 18 USA Today, for instance, reporter James Healey acknowledged (Unable to find Healey, I found Barbara Hagenbaugh also reported) : "The Monday high is not a record if inflation is taken into account. That peak is the equivalent of $86.99 in today's dollars, set when oil was $38.85 a barrel in January 1981, according to the U.S. Energy Information Administration." For the USA Today story: www.usatoday.com
For the Energy Information Administration's historic table with inflation-adjusted prices for a barrel of oil: www.eia.doe.gov
The ABC, CBS and NBC April 19 evening newscast mis-reporting:
# CBS Evening News. Russ Mitchell: "Oil prices hit another record high today, closing above 72 bucks a barrel."
# NBC Nightly News. Brian Williams: "It was another wild day on the oil markets today with prices surging to yet another record high close. The gain on the day 82 cents per barrel. Closing price of oil, $72.17 a barrel, the third record close in a row."
# ABC's World News Tonight. The up top tease from Elizabeth Vargas: "Big Oil. Crude hits a record high for the third day in a row. What's causing the price hikes? And is there an end in sight?"
Vargas later in her newscast: "Now, to the price of oil. It set another record high today, for the third day in a row. The price of crude closed at $72.17 a barrel this afternoon. That's up 82 cents from yesterday's previous record. It means that Americans can expect to pay still more for gasoline. And ABC's Betsy Stark joins us to explain why the market is so volatile. Three record days in a row."
For some more instances from earlier this week, check Ken Shepherd's short piece, "Networks Complain of 'Record-High' Oil That Isn't," on the MRC's Free Market Project page: www.freemarketproject.org
Real Gasoline Pump Price: Annual Average 1919-2007
But so far, the higher gasoline prices do not appear to be hurting consumer spending reports The International Council of Shopping Centers and UBS Tuesday. Their index of shopping at chain stores rose 1.1% last week from the prior week, and in a statement said sales for April have been running "well ahead" of expectations. Another report by Redbook Research said sales were up 5.3 percent compared with the same week last year. U.S. chain store sales rose on Easter-related purchases.
Higher energy costs also appear to not be feeding into inflation reports Barbara Hagenbaugh, USA TODAY, April 18.
Chinese President Hu Jintao announced his country's economy grew in the first quarter at a rate of 10.2 percent which also contributed to the price increase as traders worried that the rapid economic growth would fuel greater Chinese demand for petroleum imports.
Investors Push Oil Over $70 A Barrel
reported Steven Mufson --Washington Post.
[Note the word "Investors Push"]
Would the Antique Media get away with such inaccuracies, if the President or "his people" used FACTS "to educate" when addressing the American public on said issues instead of simplistic words that he is "concerned" (2x's in one brief remark)? We can only hope that the new shake up within Bush's 'informational inner circle' can finally get the President's horse out of the "starting gate"..or just to the starting gate from out of the paddock would be nice!!
http://www.usatoday.com/printedition/money/20060418/1b_oil18.art.htm
includes the graph Brent Baker quoted:
Page 1B
Oil hits $70 a barrel for first time
Fear of war with Iran over nuclear plans fuels jump
By James R. Healey
USA TODAY
Thanks Brent
Lying journoscum.
We have come to expect lies from the MSM.
And while without question the U.S. economy has weathered these increased energy prices over the past several years as well as can be expected....they will have a negative impact down the road if they don't come back down.
The notion of are they the "highest" ever or they are not the highest ever (indexed for inflation) is simply MSM BS hype! I agree.
But the other reality is who cares what oil prices were for a small segment of time in the early 80's (when we were in the midst of a terrible recession!). That is not the baseline to be comparing what we should expect now.
Granted we should have been in ANWAR long ago, we should have reduced the reg's on refineries, we should less the crazy number of reformulations, etc, etc......but regardless of all that energy prices are still very high today and they are having a negative impact (and like many negative economic values....their negative impact doesn't show up until months down the road from when they are occurring - Much like "new jobs" are a lagging indicator of an economy that is growing out of a recession....just the opposite is true regarding the negative impact high energy prices cause...it takes time before they actually start showing themselves.
If it's the highest dollar amount ever charged for a barrel of oil, then it's a record price. It might not be the record value once inflation is factored in, but it's the record price. And it's damned high.
Where is the lie? It is a record high in nominal terms. All sides like to leave out the diminishing value of money when it suits their propaganda. For example, people on this site will quote historical returns in the stock market, leaving out inflation, and giving a misleadingly high impression of the rate of return.
They are protecting the Carter legacy.
If the networks didn't lie I would be nervous that they're up to something.
There is a horrible psychological factor about $3 gas.
But, the higher prices, which I don't like, aren't killing anyone.
You can't possibly expect a bunch of good-looking TelePrompTer readers to know basic math, would ya?
It's all great to know the truth but for the average American it's a shock to see $3.00 a gallon and as long as the MSM plays that line Bush will suffer in poll numbers. The Republican's are separating from Bush for this reason and are ready to take on "Big Oil" to assure they get reelected with average Americans. The "$400 Million" separation bonus didn't do big oil any favors with Americans or Congress either
It would seem MSM lies have hit record high.
ummm,
Sorry, but it is at record highs per barell...
facts are facts....
Yes, they could have done comparisons, but hey we pay record prices all the time...
If it's the highest dollar amount ever charged for a barrel of oil, then it's a record price. It might not be the record value once inflation is factored in, but it's the record price. And it's damned high.
Since when do we HAVE to use inflation to find out if per barrel of oil is high. If the price is 72.15 and that is the highest it has ever been, then it is the record high. Now if they say, record high with inflation that 87 is the right answer. I find it funny that people are complaining about this. Then is today REALLY a record high on the stock market? What would it be with inflation?
Good post you wrote --#5
When was this?
...in the Pennsylvania oil patch during the Civil War.
How come we never hear about record high vehicle prices? They just keep going up....
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