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More on John Gibson and $100/barrel oil

Reported by Chrish - April 20, 2006

Yesterday John Gibson bashed Thomas Friedman over Friedman's comment that the sooner we grt to $100/barrel oil, the sooner Americans will change our consumption habits and drive the price back down again. Gibson accuses "the media elite" represented by Friedman of not caring about the suffering people will endure when the consumer-driven economy is affected.

Today Gibson had FOX host David Asman on to tell us that "Friedman is right," but for the wrong reasons. Once oil hits $100, he says, energy companies will find a way to eak oil out of sand and glut the market, driving prices back down and SUV sales back up through the roof. Comment: and all will be well with the world forever and ever. These guys are living in a fairy tale.

Asman makes the assertion that oil plays much less of a role in the economy than when he and Gibson were growing up ('60s) which seems nuts - families had (maybe) one car, people didn't travel regularly by plane, smaller markets carried locally produced foods, homes were substantially smaller and didn't have air conditioning, there were fewer roads, and there were a lot less people. The shieks are much more worried about the $100 price than we are because they are afraid thare will be a glut from new companies pumping "out of sand and other things.

Asman wraps up with "Friedman is wrong." $100/barrel oil is not good because it will force us to go green, it's good because it will create such a glut that eventually the price will come down.

Gibson then went right into today's My Word, which included

"But I think people are forgetting what a worldwide economic contraction would really look like. In this country people who need oil to get to work would be hurt — commuters and all those contractors you see racing around in pick-ups.

And as American shoppers cut back on their mall addiction, you would see the economy hurt. After all this is a consumer driven economy and that would ripple around the world and put a bunch of just emerging economies on the ropes. ...

Careful of what you wish for, you may get it."

Comment: I don't think anyone is wishing for it but a lot of people see it as inevitable. It will be hardest on those who don't see it coming (FOX viewers) and those who believe they are entitled to a certain comfortable standard of living. FOX is touting the oil-soaked administration's line that it's all right, don't worry, go shopping, buy an SUV.

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