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Neil Cavuto Blames Our Oil Woes Solely on OPEC

Reported by Melanie - May 20, 2008 -

Were any of you alive and conscious during the oil crisis of the l970's, when Jimmy Carter was in office? My husband and I installed a woodstove in our living room to save gas (we have gas-powered hot water heat). My parents installed a solar panel on the roof of their house. Carter even put panels on the roof of the White House but Ronald Reagan promptly took them down when he moved in, and we haven't looked back since.

This country has dropped the ball for 30 years in terms of becoming energy independent and, in my opinion, the fix we're in right now is our own damn fault. But not on Your World w/Neil Cavuto. No, according to the guy who supposedly covers "all angles" of the news, the blame for our current energy crisis lies solely with OPEC. And though the Dow fell nearly 200 points today largely on Producer Price Index (PPI) numbers,

The Labor Department said today in Washington that so-called core prices increased 0.4 percent from March, bringing the year-on-year gain to 3 percent, the biggest since December 1991.

Cavuto blamed that dive on OPEC too.

Cavuto opened with this "news" while showing a shot of the "big board:"

Alright. You saw those numbers. Here's why. Crude keeps climbing and OPEC is not budging and Washington may now start suing. All this as crude nears 130 bucks a barrel. It has never been higher. Gas pushing $3.80 a gallon and stocks taking a licking. As you saw there, the Dow down about l93 points. Fox Business Network's Cheryl Cassone on what's fueling all this. Cheryl.

Over a chyron that read, "Soaring Oil Prices Hit Stocks Hard," Cassone began her report about why the Dow was down with: "You said it. It was OPEC." OPEC is "not going to increase production ahead of their September meeting!" She said OPEC was "ignoring" President Bush, and a weak dollar and "demand coming from China" also figured in the mix. Referring to the PPI number, Cassone mentioned it only in passing without giving details: "We had some inflation data coming out this morning also affecting traders..." She then went on to say that $150 dollar a barrel oil "doesn't seem terribly impossible." (A prediction T. Boone Pickens made this morning on CNBC.)

Cavuto's next guest was Deron Lovaas of the Natural Resources Defense Council (NRDC). Lovaas appeared over a chyron that read, "OPEC Inflicting Pain on America." His main point was that "OPEC is hurting American consumers."

Next came Dennis Kucinich to talk about the "NOPEC" bill the House passed today which would allow the U.S. to take legal action against OPEC, "for limiting oil supplies and working together to set crude prices." (The White House has threatened a veto.)

Bookending the topic he began the show with, Cavuto ended the hour with his "Common Sense" segment, "With Friends Like These, We Don't Need Enemies;" a whiny, self-pitying diatribe about OPEC — "greedy, clueless, self-serving bastards."

Comment: Hey, I thought (snicker, snicker) Republicans were all about "taking responsibility." Pot calling kettle?

For a little extracurricular reading, see this 2003 quote from Rupert Murdoch when he gave his "full backing" to the Iraq war: "The greatest thing to come out of this for the world economy, if you could put it that way, would be $20 a barrel for oil. That's bigger than any tax cut in the any country." And this, "Worried about Price of Gas? End U.S. Wars," from yesterday's Aljazeera.