Media Goes Silent as Gas Prices Fall After Obama Crack Down On Oil Speculation

The media and the Republicans were happy to blame President Obama for the high price of gasoline in March, but they are giving Obama none of the credit for the drop in gas prices today.

It seems like only yesterday that the GOP and their corporate media lackeys were telling us that gas prices would ruin Obama, but they have gone silent as gas prices have fallen since Obama announced his administration’s crackdown on oil speculation.

As recently as last month, Mitt Romney was still blaming President Obama for the price of gas, “He gets full credit or blame for what’s happened to this economy and what’s happened to gasoline prices under his watch and what’s happened to our schools and what’s happened to our military forces — all these things are his responsibility while he’s president.”

Speaker of the House John Boehner went as far as to claim that gas prices could cost Obama the election, “But if the economy doesn’t get better, I don’t think he’ll win. If people don’t feel better about government-run health care, I don’t think he’ll win. And if gas prices are $5 or $6, he certainly isn’t going to win.”

The media was happy to give the Republicans a free forum and plenty of airtime to use to blame Obama for gas prices, but on April 17 Obama called for a crackdown on oil speculation, “We can’t afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher, only to flip the oil for a quick profit. We can’t afford the situation where some speculators can reap millions (of dollars in profits), while millions of American families get the short end of the stick. That’s not the way the market should work.”

Since Obama announced his crackdown on oil speculation, gas prices have fallen twelve cents a gallon. The media response to this news has been total silence. (I guess if Republicans don’t have anything to say then there is nothing for the corporate media to report).

There are a couple of other factors at play that have also driven the price of gas down. Speculators had been running wild in February and March. They were betting that war with Iran was on horizon. When Israel or the international community did not take any military action against Iran, prices decreased. The other shoe to drop was that savvy U.S. drivers quickly decreased their consumption. When prices got too high, people started driving less. People have more fuel efficient vehicles that need less fuel. The hybrid has replaced the gas guzzling SUV as America’s car of choice. Better technology has made it easier for consumers to fight back against price gouging and speculation.

It is impossible to say whether President Obama’s announcement of a crackdown on speculators lowered gas prices on its own, or whether it was the president’s announcement and a combination of other factors, but if Obama was to blame for price increase, using the same logic, he also deserves credit for the price decrease.

Republicans try to blame President Obama for everything every day, but the media happily and unquestioningly acts a megaphone for the right’s talking points. The media amplified Republican blame of Obama for gas prices, but they have never given Obama credit since gas prices have fallen.

The media’s ability to skip the good along with their enthusiasm for reporting the bad when it comes to this president is one of the reasons why conservative media bias is so obvious to many Americans. There is a reason why Pew has consistently found that President Obama gets the most negative media coverage of any 2012 candidate.

Time and time again during the Obama presidency, we have seen the media behave in ways that debunk the liberal bias myth. Conservatives continue to tout their liberal bias cover story, all the while keeping the American people in the dark about who controls their media, and whose bias they really represent.

71 Replies to “Media Goes Silent as Gas Prices Fall After Obama Crack Down On Oil Speculation”

  1. I am SO sick of the “sky is falling and it’s Obama’s fault” in the MSM when here in Northern CA gas prices are DOWN about 20-30 cents per gallon, and NO one is talking about it. It’s down in San Francisco (always the highest and last to fall) as well.

    I’d like the MSM to consider – if Romney were elected and Congress stayed GOP would their ad revenues increase or dry up? The answer is the latter because we’d be back at Fall 2008 or WORSE which caused ever business including the media to suffer major income losses. Are they seriously wedded to “more of the GOP same”????

  2. Wedded to more of the same GOP crap? Fraid so, churchlady. I’m constantly boggled by how many people stubbornly stick to the same old policies that got us into this mess and are completely blind to the fact that they’re voting against themselves. They don’t even seem capable of digesting facts, they’re so wrapped in their ideologies.

  3. Republicans, please explain:

    “Refineries full, tanker sent back to Valdez with oil”

    “”Drill, baby, drill” and other hogwash designed to make Americans think the country can drill its way to cheaper pump prices gets a blast from reality when you consider one pesky fact: Domestic crude-oil production has reached historically high levels yet gas costs haven’t come down to earth.”…

  4. The hypocrisy of the media in covering the news is amazing.If there is indeed a media bias it’s certainly not a liberal one.

  5. Research article after research article has shown the conservative (and racist) bias of the MSM, but most people don’t hear about them – they only hear “Liberal bias”. One of my own projects (for a graduate class) demonstrated the inaccuracy (with a conservative/racist bias) of the MSM by comparing the official information (court documents, testimony, sworn statements, etc.) on the Jena Six situation with what was reported.

    The sources that the conservatives love best – Fox news and Washington Times, got assigned the codes “Deliberate Deception” and “overt racism” for their reporting. What they said was exactly the opposite of what actually happened (according to the real sources) and were so blatant as to be disgusting.

  6. Another thing that people can do to REALLY help lower gas costs is to SLOW DOWN. If I drive less than 75 on the interstate (speed limit 70), I nearly get run over on a constant basis and get all sorts of road rage directed my way. It’s a case of pure physics… when you go over 55, the air resistance becomes a major factor in gas consumption. Running at 60mph isn’t bad, but when you start getting 65…70, it becomes really significant. Over 70, and I forget the exact difference but it’s startling.

    When just about everyone is going over 80-85mph… I’d bet we could make a huge reduction in the price of gas by nobody going faster than 60.

    (Driving gentler is also significant… jackrabbit starts eat gas.)

  7. Actually my gas has fallen from 3.89 down to 3.53. But who is complaining?

    Boehner and his government run health care. How hilarious a liar is he? He is not only a hypocritical traitor, but he excels in the Sean Hannity broadcasting school for liars as well.

    Gas prices were never the fault of Herr Bushler, but they are of Obama’s. If the price goes down, Bush will get the credit

  8. You know its strange about that. When I run from Knoxville to Flint Mi I get the same mileage all the way up and back. In Ohio you have to slow down because they are idiots in that state and run the 65 mph limit. When I hit Michigan I push it up to 80 or so and still get exactly the same mileage according to the on board computer. Figuring it by hand works out the same.

    2006 PT Cruiser Convertible

  9. Watch out for that almighty media,dangerous and expose only what they want…it takes a Rachel M. to call em out.

  10. Some of this can be explained by car gearing. My brother is a mechanic and he says how a car is geared coupled with the size of engine determines the best speed for gas mileage. Also if your trips don’t have any stop and go or slow down areas and you run at a steady speed even if a little high you will do well. I got 27mpg going 300 miles west to ILL in heavy wind and got 30mpg driving back and drove a shade faster. Rainy weather also creates more resistance on the road as opposed to a dry road. The best thing is not to accelerate too quickly and to coast a great length up to stops as opposed to using more gas accelerating to stops and stopping abruptly. I practiced these methods and got 3mpg more but it takes patience. If you have a tachometer it is easy to see what your engine is doing and if it climbs much over 2000rpms you are losing gas mileage.

  11. Obama is only allowed to get blame, never credit.

    These people are beyond ridiculous. I saw a clip of one of them saying Obama should “thank George W. Bush and Dick Cheney” for the killing of Bin Laden. It’s hard to even put into words how crazy these people have become.

    I think the thing is… they’ve gone so crazy that only totally out of touch buffoons believe anything they say anymore. At least that’s what I’m hoping.

    The idea that we should give the Republicans back the White House (and almost definitely the Senate with it) so they can have full control again… think back. It was the policies of the Republicans being in complete control that brought us an economic melt down and the war in Iraq.

    I just… it’s just so absurd that anyone is even pretending like it’s even reasonable to consider voting Republican. No one should vote Republican. Ever.

  12. Fox News has definite right-wing spin, even though it inaccurately self-labels “fair and balanced.” The network and its viewers look at their spin and willingness to cover fringe stories about the president that have little basis in fact and wonder why nobody else is saying what they are saying. Rather than consider that maybe they’re wrong, they decide that nobody else is being “fair and balanced” because everyone else is “liberal”.

    They start with a flawed premise and look for evidence to support their premise, ignoring anything that does not fit. Like the junk science of think tanks compared to a scientific experiment that is peer-reviewed for methodology.

  13. My local rag ran a Robert J. Samueson column purportedly explaining that speculators don’t actually cause spikes in gas prices. REALLY? They cause spikes in every other commodity that they trade in so I wonder why not oil. Only a conservative economist could spout such anti-common sense with a straight face.

  14. In all honesty our biggest issue right now should be the public media. Without a truly unbiased media how are we suppose to make well informed decisions, decide what is the best path for your future and those to come, to make up our own priorities? Honestly because of the way that the majority of our information comes from biased censored/viewed sources we base our decisions off partial truths and omissions.

    I’d just like to know all the facts so I can make the best choice for everyone.

    Realistically we can’t all be happy but, we can try to do as much as we can to make the majority happy.

    Everyone is nice when they are happy!

  15. I don’t know what planet the author is on, but gas is $4.19 here. It was about $3 when Obama took office. It went up ten cents last night. I’m supposed to pat him on the back for this?

  16. You said it, although air resistance has a strong effect even with good gearing. A constant-variable transmission is the best, but they don’t have a good one (or one acceptable to the auto manufacturers) available.

    The charts I saw for gas mileage were a few years ago, and they may have significantly reduced air resistance with the newer cars, which would flatten the curve.

    I regularly get significantly better mileage than rated for my car, but it’s because I’m gentle on the pedal and drive at a constant speed whenever possible (and no more than 55 if I can get away with it). Every penny saved is important in our situation, and the more I can squeeze out of a tank of gas, the better off we are. About the only thing I’d change is fixing the A/C in the car (Florida Summers!), but I think our car is one of those that gets a couple of miles per gallon better gas mileage with the windows closed.

    I used to have a real gas hog – 73 Ford Tbird with 460 V-8. I got about 12 local and about 20 on the interstate (I think it was rated for 9-10 local and 15-16 interstate)… I could milk out a little more by being careful where we stopped and stretching the distances between stops, but it wasn’t too fun. That car took a REALLY gentle foot if you didn’t want to burn up all your gas in doubletime. I was so glad to get rid of it (junker bought it because we could no longer afford to drive it)… and have been eyeballing a modified scooter for some time for running to school or local use (75mpg sounds really good). I’ve even had this design for a CVT driven bike in my head for some years, but never could get the parts and money to build it – I’d bet I could squeeze 100-150 mpg out of it and not slow up traffic.

  17. Anyone remember the price of gas when Clinton left office in 2001 before Bush fell asleep at the wheel? National average was 84 cents a gallon. After 9/11 it went over $3 for the first time yet it mysteriously lowered during election year of 2004 and then dropped again during the election cycle of 2008. I wonder why oil execs decided to lower prices during election years when the Republidiots were in the big chair. Hmm…

  18. I bought gas this afternoon, and paid 25-cents-per-gallon less than I paid the last time I bought gas, in April. That’s significant!

  19. I have a 2007 Nissan Sentra with a CVT. On highways I get roughly 32mpgs. I drive the speed limit, which is either 55 or 65 on the highways. I also have a 4 cylinder, so that helps too. I actually love my transmission, I never feel my car shift. It also needs minimal maintenance.

  20. This article paints with a broad brush and doesn’t cite sources. Go to Google News and type in “gas prices,” and at least 500 articles will appear contrary to this report.

  21. Yes, why did that story never make news? We have too much gasoline, people…not too little. Our gas here in MI goes up and down .30 at a time. It falls to $3.70, then is $3.99 the next hour for no discernible reason other than that the oil companies far prefer a GOP Congress and WH so they are free from teh shackles of responisble drilling and pricing. Free to use the anti-regulations that brought us the Gulf Disaster and the sludge spill in Kalamazoo. Free to build a sludge pipeline over a fresh water aquifer that the Midwest relies on for their very lives. We need to end their subsidies, end the Bush tax breaks, and watch the economy soar. THAT is what is terrifying the GOP…a recovery brought about by those pesky liberals and that balck POTUS.
    Watch the tears flow when Boehner is out and a real Speaker is in.

  22. Didn’t we lower highway speeds to 55 when we had an oil crisis before? But the GOP doesn’t want us conserving anything…they want oil and gas prices as high as possible, because then they get more cash from big oil to screw us with. Remember how candidate Obama was derided fro suggesting that proper tire inflation will save gas? It works, but heaven forbid the GOP latch onto an idea to SAVE. They want to save their scrawny necks is all they want. The heck with the middle class.

  23. When 9-11 happened, I told my husband that I thought gasoline would be $5….it was, in suburban Detroit, the very next day. Granted, it came back quickly, but we did see it for a couple of days. The oil comapnies couldn’t wait to play on fear. They are GOP puppets.

  24. Yet you bring none of them to the table. One can hardly find what you are saying as credible

  25. I remember it well, and how it was always sold on “Safety” instead on reducing the dependence on mideast oil. I was in my late 30s before I learned the truth about the move and am angry that the politicians (that I heard on the news) were never honest about the reasons. I hated 55, but it was because I thought it was being forced on us under the “safety” guise.

    It did work, btw. That’s what people don’t realize.

  26. I remember that a gas station I used to buy gas at… the owner ran out and put “Out of Order” signs on all of the pumps, then jacked the price by 25c. I was one of the last people to get gas at the old price. (I try to buy elsewhere now.)

    It’s things like that -GREED- which make me hostile to corporations and distrustful of business owners.

  27. The price of gasoline has very little to do with Obama and his policies, but most people know that. It has to do with a large number of factors in a remarkably free and well functioning market. But as oil becomes more expensive to find and demand increases, that market will only function well when alternatives are developed.

    It’s a longer piece than you’ll usually find in the mainstream media, but adults often have longer attention spans than the press thinks.

  28. PLEASE KEEP GAS PRICES FALLING …thet are still a dollar higher than 2 years ago. People were hurting then and are still struggling and mostly living from paycheck to paycheck. A lot are doing without and cutting back on whatever they can. WE NEED HELP FROM OUR GOVERNMENT.

  29. It’s hard to describe how much the MSM is letting the average person down. Unless you are as immersed in the goings-on as we are they have no clue. Some say it is their penchant for the sensational or a result of trying to be “too fair” and appear non-partisan but MSM definitely suffer from the “sin of omission” if nothing else. The facts are the facts, even when they ARE partisan or ugly (I.e. the blatant obstructionism of the GOP).
    The worst of it is they have the power to dictate the conversation and focus.

  30. it is up to the people to e-mail the media and inform them of there bias reporting and hold them accountable for there one sided view when it come to president obama

  31. The President does NOT have control over the price of gas. He doesn’t have control over the Media, either. (But I think the media wants to ‘sell papers’, and they don’t care HOW they do it!) There are no ‘journalists’ left, anymore. They all DIED…..

  32. Well I don’t know why the media would be singing him praises – or why anyone would for that matter. Back in March of this year he said he’s not responsible for gas prices. Remember? He stated that he couldn’t control the price and that there was no silver bullet for lowering the price.
    Many Obama lovers agreed with him and said that he was absolutely correct. He has no control over the price of gas.

    And now you want to give him credit for controlling the price of gas?

    You people crack me up!

  33. Sooo what did Barry do? say in his boogey man voice; I am going to crack down on oil speculators ?????? There is a surplus of oil and prices will decline for the next few weeks. BARRY DID NOTHING.

  34. What are you talking about? It was implemented AND sold as an energy savings policy. Jimmy Carter instituted it. Nothing to do with safety — nothing. And of course it worked, but people didn’t like it. I don’t like it, and I like the environment just fine. But America is still the land of freedom, and 55mph doesn’t sound very free to most people.

    If you want to drive slow voluntarily though, be my guest!

  35. I think, more than wanting to give Obama credit for lower gas prices, we want the media / right-wing to be fair and consistent. If Obama gets blamed for high gas prices, he should certainly get credit for lower gas prices. Yes? Or in your world does he only get blamed for everything bad, and credit for nothing?

    Obviously, the president has little influence over the price of gas at the pump. But the right-wing media didn’t agree with that when gas was 10-20 cents/gal more expensive last month, did they?

  36. So there has been a surplus for a long time. We have been exporting more than we import, yet you magically think we just got a surplus and the price will come down?

    I bet you come from the sarah palin group of non thinkers

  37. Mittistheman: You can rationalize all you want and just plain make stuff up, but the facts are that ‘Barry’ as you call him is improving the economy and the oil market Whether You Like It Or NOT. Face facts. Barry is going to wipe the floor with your Mitt!

  38. Not in eastern Virginia, where I lived.

    I never once heard that it was done for gas prices. In fact, I didn’t learn that until years later in Florida, when I happened to read an article about it – after 55mph was repealed.

    It worked. I also remember the rationing, and having to severely limit our trips and driving.

  39. (1) there is far more oil available than people think. The oil that is “running out” is the most profitable.

    (2) There is no such thing as a free market and there never has been. The Elites have been manipulating the markets for generations – centuries even.

    (3) Admittedly demand has increased, but the price for oil has severely outstripped the demand. When things like threats against Iran, or terrorist attacks on oil pipelines causes the prices to shoot up… it clearly indicates one thing – speculators are manipulating the price of oil to make a profit – at our expense.

    (4) It’s been admitted that the last oil “crisis” was staged by the oil companies… and there has been evidence for some time that what we’ve been facing for the last few years was deliberately staged too. They’re crooks and should be in jail… and they know it but are laughing all the way to the bank.

    (5) Oil company profit margins are running more than 30%. Think about it – over 30% of the price for each gallon of gas is pure profit. (Gasoline and fuel are their biggest profit makers.)

    (6) Oil companies are again charging more for diesel than gas, although they tried that bullshit back in the 70s and got their ass in a real crack. They were caught trying to bullshit congress, and it was clearly proved that they’d colluded on the price of diesel – and that it costs far less to make diesel and is easier to make.

    I totally agree about alternate fuels, and we really need to push for that. While there is far more oil than thought, at the same time oil IS a finite resource, and one we should not be using for fuel. I strongly support distributed solar electric systems and using biofuel and hydrogen (generated by solar), and think we should be heading that way instead of letting Big Oil keep dictating the status quo to us.

  40. A lot of people keep saying the price of gas is not in control of the president. This is somewhat of a false notion. It is in control of oil executives who pay mightily to keep certain politicians in office. The price of oil has a measure of effect on that. The oil executives are certainly no fans of the Democrats so when a Republican is in office he can exact some effect on the price by phoning up his buds and asking them for favors. Democratic presidents have considerably less control over the price because all they have is the court of public opinion to call upon to try to shame the robber barons into lowering the price.
    Republicans treat Democratic presidents like anti-GOD. “God” gets all the credit for the good of the world and takes none of the blame for the bad. Democrats get all the blame for bad and none of the credit for good in the eyes of Republicans. To be honest I hold the Republicans in the same contempt. They will never do anything right in my eyes…of course that is pretty true unless you make 7 figures.

  41. Well, there is this too…

    President Obama talked about reigning in the oil speculators, and the price of gas here dropped by about 25c.

    My gut feeling is that they’re trying to mollify him… keep him from cracking down on them.

  42. Same thing happened in 2008 when Obama and McCain threatened to stomp on them. Obama could make a huge case out of this

  43. prices were lower when Bush left office because millions were losing their jobs & homes as the economy teetered on the edge of a Depression. prices have been rising as demand has been restored due to the economy improving, but they are still lower than the worst prices under Bush.

  44. Thank you for the clarifications. I was growing tired of the misguided, misinformed comments within this topic.

  45. I Know, I just left from working in the Oswego area and gas was still $4.09 a gallon, when i got home to Maryland it was $3.69 and now its $3.55

  46. Seriously??? Just where did these prices fall? They certainly did not by me!!! WE are still well over $4 per gallon!

  47. The 12 cent drop was an average drop across the states. Its dropped well over 30 cents where I am.

  48. I have always bought gas misers and always WILL. It is just THIS TIME my gas miser is AMERICAN made for a change when I traded in my 2004 Mazda 3 for a 2011 Chevy Cruze 6 speed. This car ROCKS and after driving to Madison and back and Sturgeon Bay and back over the last week-end, still d/n have to fill up again until Wednesday. Fun to drive, quality and great mileage. Invest in a fuel efficent car
    and tell gas stations to go you know where!!

  49. I can easily understand the price rise in fuel if the cost of doing business rises. What boggles my mind is how oil companies profits increase so greatly quarter after quarter even when there is a drop in fuel usage.

  50. This morning it WAS mentioned on our local news – and then the jerk anchorman said, “And this is not a good thing, because it represents uncertainty about the US and European economies.” In other words – this is Obama’s fault.

    And it wasn’t even FOX!

  51. No we do not want to give him credit. The point it he got the blame for gas prices going up so if the republicans believe that then he should be the cause for it going down. I still believe he do not control the prices

  52. yeah or the 12 billion in cold cash W sent to Iraq as bribe money they was gone within seconds of landing? Honestly

    So gas prices go down 12 cents and you think its election year.

    BTW, that loophole? Thats congress’s job. Speaker Boehner the great. The one that’s giving YOU up to the rich. Deal with it

  53. Barb said:

    “Gas is only down about 4 cents here. I have not seen a drop in price. I am in NY state.”

    That doesn’t make sense. Gas is down… but you haven’t seen the drop in price… Yes, you have. You have seen a 4 cent decline in gas prices. Know how I know? YOU said it.

    National averages don’t hit everyone the same way or necessarily at the same time.

  54. The problem is, the president can only regulate DOMESTIC speculators. A great many of them are offshore and beyond the scope of any US regulations.
    So even if Obama (or anyone) were to crack down, the effect is still very limited.

  55. Not to sure it would be “very” limited. The speculators here are buying up huge amounts of oil and regulating the price here. Time to show them the door

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