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Watch Fox's "Business News" Show and Get Confused Instead of Informed

Reported by Melanie - October 16, 2007 -

Oil closed at its highest level ever today (October 16, 2007) -- $87.61 per barrel -- but fans of Fox's "premiere business news" program, Your World w/Neil Cavuto, are probably scratching their heads as to why. It has to do with Turkey, or is it Iran, or does it even matter?

According to Agence France-Presse, "Oil prices hit new record highs Tuesday amid heightened concerns about a potential Turkish incursion into oil-rich northern Iraq to attack Kurdish rebels."

The possibility of Turkey attacking the Kurds in northern Iraq was discussed prior to our invasion of Iraq. It was one of the potential ramifications of destabilizing the region so this development has ties to George W. Bush. Besides, Bush was going to bring Democracy to Iraq and other countries would follow and all would be well, remember? So news of more conflict in the region is not good news for the GOP propaganda network, so what to do? You've got to talk about the price of gas -- it's big news -- but how do you talk about it without making Bush look bad?

If you're Cavuto you rave about the fact that "the economy's still going strong," and there are "no gas lines," and you host a roundtable discussion about "this anomaly." One of the participants (sorry, I did not catch his name -- sounded like Erin Bolen -- and Fox did not identify him in a chyron), a personality from the new Fox Business Network, says:

Well, first of all, it's not that Turkey is important in the world oil picture. They have a pipeline that runs through it. They don't produce oil. Northern oil fields of Iraq, there's...border Turkey, so you're going to see some of that an issue, but the real issue, look right next door, Iran. You have Iranian oil that's very important in the world -- supply and demand issue -- and then just south of that picture [looking at a map] right there, you have that Strait of Hormuse which, as you know, 25% of the world oil...passes through there. Any sort of instability in that region is going to spike oil. Whether or not it's in Turkey...

Cavuto interrupts: "It could be psychological..."

So, is this an anomaly? Is Turkey the problem? Is Iran the problem? Is northern Iraq the problem? Is it just psychological? Who knows, but it sure ain't George Bush's problem (or ours).