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Neil Cavuto Puts Two Bits of News Together to Make One Big Lie About Hugo Chavez

Reported by Melanie - February 11, 2008 -

I just spent an hour watching Fox's "premiere business news" show but don't ask me what happened on Wall Street today (February 11, 2008) because I couldn't tell you. Unless he covered business news when I blinked or sneezed, Cavuto didn't say a word about "the street," though he did have time for a segment about a 911 call gone horribly wrong, two segments about Paul McCartney and Heather Mills' divorce, one about Britney Spears, one about the Grammys and one about a device that's a "safer" alternative to the Taser. That this show still claims to be about business news has got to be one of the biggest jokes in the business world.

Anyway, before he got to the "business news" mentioned above, Cavuto aired a segment about the threat Hugo Chavez's made yesterday to cut off oil to the United States. In his intro, Cavuto essentially repeated what the chyron said: "Crude Oil Surges on Hugo Chavez Threat to U.S."

Comment: Huh? Per Grant Smith, who posted an article this morning on Bloomberg.com prior to the markets' opening, Crude Oil Futures Little Changed After Venezuelan Export Threat:

Crude oil was little changed in New York after Venezuelan President Hugo Chavez threatened cut supplies to the U.S. in retaliation for Exxon Mobil Corp.'s court action freezing $12 billion of oil assets.

This afternoon, after the markets closed, Mark Shenk wrote, Oil Rises to 1-Month High on Refinery Shutdown, Cold Weather:

Crude oil rose to a one-month high after Valero Energy Corp. shut its Delaware refinery because of a storm-related power failure yesterday and cold weather moved across the northern U.S.

Granted, Shenk quotes a trader as saying that, ``Supply threats abound at the moment, both real and imagined,'' and, ``Violence in Nigeria looks to worsen after this latest round and while it may be empty rhetoric on the part of Hugo Chavez, you also must consider that he is capable of anything. The geopolitical risk is being reinflated.'' Still, the main driver of the "surge" was the Valero shut down (which Cavuto did not mention) and the weather (which he did mention but didn't link to the price of oil). So here we have yet another case of Fox taking one piece of info and combining it with a second piece to make news, voila, propaganda about a guy the Bush administration wants us all to hate and be skeered of.

Oh, and by the way, Eric Bolling, who was Cavuto's guest during the segment, isn't exactly an "independent trader," which is how Fox identified him. Turns out he works for the Fox Business Network.