Networks Falsely Cite "Record High" Price for Barrel of Oil (Why Do They Get Away With It?)

MRC ^ | Thursday April 20, 2006 | BrentBaker

[Smokin' Joe]

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.

I am afraid you are right.

Think about the implications of Government meddling in an industry which already had been whipped lean by numerous price crashes in the past three decades.

Think about government meddling in a 24/7/365 industry which is cost concious every step of the way, and which has increased its drilling efficiency by a factor of 4 (or more) in the last 25 years.

Then think about government's track record.

Be afraid, be very afraid.

It is a rare day government will do anything which will make more oil available, (no drilling offshore CA, FL, no ANWR, changing EPA regs during refinery refits, roadless areas, etc., etc., etc.), and they have yet (with the exception of suspending boutique blends) to make it any easier for the industry to provide its products to consumers.

The best way Government can help remains: "Get the Hell out of the way".

[BIGZ]

This the same problem you have when you try to explain that Exxon's $17 billion profit is only 7.9% earned income, less than the National average for American Corps.

[Doe Eyes]

From Fox News,

"Oil prices settled at a record high for the third straight day on Wednesday."

[tobyhill]

It's the only prices American People see everyday posted in the open and watching it go up and up scare people. People don't really recognize the reasons just that "someone" is "stealing" their hard earned money.

[fight_truth_decay]

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[fight_truth_decay]

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[Rockpile]

I'd heard that advertisers on television are having to pay record high prices----in spite of declining viewership.

Would like to see tv and newspaper ad costs charted.

[JackDanielsOldNo7]

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.

Thank you. No one gives a damn about the early 80's anymore. Except I wish Reagan were in office still.

[Jim Noble]

Though in constant, inflation-adjusted dollars -- the only way to measure prices over time

This is not the "only way to measure prices over time", and in fact is not particularly accurate.

[Onelifetogive]

It is similar to the constant "record box office take" for new movies. Inflation and population growth constantly make record high absolute figures easier and easier to reach. The media just LOVES new records to report.....even if they are basically meaningless!!!!!