When gas prices where passing $4/gallon people watched the news daily hearing how the price for crude oil broke through the $100/barrel mark and kept racing towards $150/barrel.
Then President Bush and a large number of Republicans started saying we need to reexamine our drilling policy, and once some Democrats agreed with them and Bush removed the Executive Order concerning drilling the price started to plummet. The high price also caused people to take "staycations" which reduced the normal summer demand, dropping prices further yet.
But with the Presidential election, Hurricane Ike, and the MSM lunacy surrounding Sarah Palin there was no mention of what happened briefly today... the price of crude for October delivery dropped below $100.
At OPEC this week the Saudi minister walked out to express his dislike for Iranian and Venezuelan proposals and the men making them, and the men who run those countries.
On the diplomatic front Chavez incited Bolivia and Honduras to create diplomatic waves with the US, while the US retaliated in kind and launched a salvo at Venezuela directly. This however, garnered the attention of the media not because of their relative importance on the world stage but because it helps the MSM in their new mission of trying to assassinate Sarah Palin. (The media can use these events to highlight the need for a VP experienced in foreign relations while ignoring the Democrat Presidential candidate has none at all.)
Why would Venezuela stir the pot now? Why would Venezuela and Iran demand OPEC cut production quotas now when they are making obscene amounts of money?
The Iran issue is simple, they have the highest production costs of any oil producing country and their infrastructure is so old they can't produce their export quota making them a net importer of oil and gas. Plus they hate the US.
Venezuela is losing money since they mostly nationalized the oil production and stopped development. Chavez not only subsidize oil costs to his own citizens but Chavez gives crude, virtually at cost, to many Latin American counties he is trying to unite in his bid for a communist union of countries in this hemisphere. When crude was at $140/barrel Venezuela could sign multi-billion dollar weapons deals with Russia and still have plenty left over to lavish upon fellow left leaning leaders in South and Central America.
The media isn't pointing out that oil dipped below $100 today (before ending for the day at $101). The MSM isn't telling you that the average price of gasoline is retreating back to $3/gallon. The MSM isn't asking why this is happening when Hurricane Ike has virtually shutdown all gas and oil rigs in the Gulf, and literally shut down 16% of the gasoline refinery capacity in the US. The media is ignoring that some regions of the country are experiencing gas at almost $5/gallon when the US has a 60 day surplus of gasoline.
But most importantly, the thing that the main stream media won't tell you is the Venezuelan power play at OPEC (which failed) and the Chavez orchestrated political disturbances in Bolivia, Honduras and Venezuela (which are minor annoyances at best) is Chavez trying to help his fellow socialist Obama. And Obama's lackeys in the MSM are jumping all over the opportunity to try to turn the momentum away from McCain/Palin.
The media is so busy trying to find dirt on Sarah Palin to help get their candidate elected that no one is asking why the price of oil dropped today, and every day this week as this disastrous hurricane that has killed more than 100 people moved through the US offshore gas and oil field shutting down production and shipping as well as shutting down one sixth of the country's gasoline refinery capacity. Past events have caused prices to jump at the mere thought of any disruption in production or at refineries, in the case of Ike whose destructive capacity is a known factor crude prices have dropped, and continue to do so.
I thought the days of yellow journalism had past. My communications professor owes me a refund.
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