by Carter Clews, Executive Editor, ALG News Bureau: Unbeknownst to most, … On Sunday, January 11 of this year, CBS News reluctantly conceded that they had failed to tell the truth, the whole truth, and nothing but the truth about what actually caused last year’s horrifying spike in gasoline prices. Oh, they didn’t come right out and say, “We lied.” But, even a casual reading between the lines of their story entitled “Did Speculation Fuel Oil Price Swings?” makes it more than abundantly clear that they finally thought it was time to come clean.You may recall that month after month in the spring and early summer of 2008, as gas pump prices skyrocketed, Katie Couric, Charlie Gibson, and the other talking heads at CBS, made it their stock in trade to portray the crisis as irremediable. They told us that prices would continue to climb through the stratosphere. And that there was nothing in the world anyone could do about it (except, perhaps, resort to windmills, solar panels, and bicycles built for two). Least of all, they proclaimed, would domestic drilling in any way, shape, or form help alleviate the problem, even in the slightest. Not now. Not ever. They took great pride in ferreting out left-wing politicians who would declare, as Illinois Democrat Dick Durbin did on May13, 2008, "We can't drill our way out of this."
And they became almost apoplectic with joy when, after President Bush had lifted the executive ban on domestic drilling in July, The Dragon Lady, Nancy Pelosi, sneered: "Once again, the oilman in the White House is echoing the demands of Big Oil. The Bush plan is a hoax. It will neither reduce gas prices nor increase energy independence. It just gives millions more acres to the same companies that are sitting on nearly 68 million acres of public lands and coastal areas." Of course, the Bush “hoax,” coupled with the American people forcing Ms. Pelosi, et. al., to lift the congressional ban did reduce gas prices. In fact, they plummeted. . . .
Now, as of January 11, CBS is finally admitting that, well, gee whiz, maybe the lifting of the moratorium did help bring gas prices down – but only because it stopped the evil speculators from continuing to drive them up. Which, of course, gets it all exactly backwards. Those of us with even a modicum of good sense (and a smidgeon of erudition and integrity) knew all along – and tried tirelessly to tell Ms. Couric, Mr. Gibson, and their political cronies – that the speculators paying top dollar on the futures market was the result, not the cause, of rising gas prices. And that once said speculators knew that America would, indeed, start drilling for its own oil, they would, in turn, stop paying top dollar for tomorrow’s yield. And gas pump prices would, as a result, begin to drop. It’s called “simple logic.” Something that TV anchors and political hacks apparently find too abhorrent even to consider when it stands athwart their own firmly entrenched political agenda.
But, drop gas prices have. Like a rock. Much to what should be the chagrin of Dick, Nancy, Katie, and Charlie. Dick and Nancy, of course, have gone to ground on the issue, refusing to admit even for one moment that they were, in fact, dead wrong. . . . To its credit, CBS News has, at last, taken the bold step of admitting that, indeed, gasoline prices have dropped. . . . Though they still get the whole cause and effect thing exactly backwards. . . . [Full Story]
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Editor's Footnote: On Sunday, January 11, Senate Majority Leader Harry Reid began pushing through his omnibus land grab bill to prevent America from tapping some 8.8 trillion cubic feet of natural gas and 300 million barrels of oil in Wyoming alone. And President Obama’s Interior Secretary designee has already announced that he intends to bring back the domestic drilling ban. So, get ready to retrieve your bicycle built for two. See Also: Obama's Energy Plan - Socialism in Action
74 miles in Alaska & Bakken Formation in Mountana & N. Dakota
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