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Neil Cavuto Runs Out of Excuses for High Oil Prices

Reported by Melanie - April 9, 2008 -

Neil Cavuto, Fox's "business news" anchor, didn't get around to reporting the closing numbers on the Dow or the Nasdaq today (April 9, 2008) however he did mention something about new high prices for gasoline — leaving out the gory and worrisome details, of course. Wouldn't want to wake his audience out of its stupor.

Weak Economy, Soaring Oil Weigh On Stocks: "Oil prices were running wild on Wednesday after a U.S. crude inventory draw down of 3.4 million barrels last week, which surpassed the estimate of 2.8 million barrels. Crude was up $2.87 to $111.37 a barrel, after hitting a fresh intra-day high of $112.21."

Those are the gory details. This is what Cavuto told his audience: "[A] new record for gas. The national average for regular unleaded now at $3.44 a gallon. The Energy Department reporting today oil supplies dropped unexpectedly last week and that sent crude prices soaring more than two bucks a barrel, so gas going up right along with it."

Comment: I've been watching Cavuto while simultaneously watching the price of a barrel of oil climb. When it was in the $70 to $85.00 range, he would shrug his shoulders and proudly exclaim that what? The "American consumer" (that's all we are to these guys folks) didn't seem to be suffering. After all, they were still buying! (Just before the Super Bowl, Cavuto aired a segment about how much stuff (televisions, food, apparel, etc.) Americans would buy in anticipation of the game, and he used that as "proof" that Americans were in good shape.) Anyway, as the price inched upward, another way he shrugged the price off was to say that "when adjusted for inflation," a barrel would have to reach something like $102.81, so hey, what's the problem?

So, here we are. Oil is flirting with $112.00 a barrel and Cavuto "reports" it in vague terms, giving no details. Looks like ol' Neil has run out of excuses. So what does he do? Covers it up.