Posted on 08/30/2006 1:06:49 PM PDT by freemarket_kenshepherd
Happy with the falling prices at the pump? Fuhgeddaboudit!
That’s what economic wiseguy Matt Lauer suggested to viewers of the August 30 “Today” show, even though oil analysts predict falling gas prices this fall and his own network erroneously predicted $3.50-a-gallon gasoline just a few weeks ago.
“You’re probably feeling a little better these days when you fill up your car at the gas station,” Lauer admitted as he teased a story by correspondent Kevin Tibbles. The “Today” host conceded that “analysts say prices could keep falling for months to come,” but sought to shoot it down by pointing to the pessimistic projections of an auto executive.
Tibbles pointed to a “wake-up call from Chrysler (NYPSE: DCX) CEO Thomas LaSorda,” who said at his company they were “planning internally as if it [gasoline] is $3-to-$4-a-gallon.” Tibbles added that LaSorda “expects prices to remain that high for the rest of the decade.”
Long-term prices could remain that high, but NBC recently projected a gas price spike before summer’s end. Instead, gas prices have fallen more than 18 cents per gallon in a month to $2.823.
As the Business & Media Institute (BMI) reported two weeks ago, NBC’s Jim Goldman told viewers of the August 12 “Nightly News” that gas prices were “expected to soar past $3.50-a-gallon as the summer driving season peaks.” BMI’s August 14 article pointed out that even then those projections were pessimistic compared to other oil analysts such as Trilby Lundberg and Tom Kloza, who predicted more modest gas price increases.
What’s more, while Lauer dismissed the predictions of lower gas prices this fall, the August 30 USA Today devoted a front-page article to emphasize the potential decline.
“The only place they have to go is down,” gasoline analyst Fred Rozell told reporter James Healey, adding, “We’ll be closer to $2 than $3 come Thanksgiving.”
What’s more lower gas prices could benefit an economy by freeing up cash for consumers to spend elsewhere. Healey added that economist Richard DeKaser believes lower gas prices “may act like a tax cut” and increase consumer spending that has fallen off due to high energy prices.
It's almost the end of the summer driving season, gasoline stocks are high and there are no hurricanes or other imminent disasters for the speculators to run with. If the trend continues downward and it looks like a boon to the Republicans come election time expect the media to shift their emphasis to higher heating oil prices for the winter.
Bwahhahahahahaaa! Stupid Lauer. That's not a prediction. That's called "hedging their bets." Chrysler is building cars with better mileage just in case of a spike. Even if this were a prediction (which, I remind you, it isn't), I think I'd trust the oil analysts over him.
I'll be happy to pay less.
Gas stations are just giving it away in Dayton, Ohio. Well, seriously the most common price is $2.399. Gaspricewatch.com lists $2.319 as the cheapest in the country and that's in one of Dayton's northern suburbs.
I have no idea why we are so low now.
Hezbocrats crap at rumor of cheaper gas/energy.
"Chrysler is building cars with better mileage just in case of a spike."
That's what I got from the statement as well. Not sure how Lauer's twisted logic works.
This is a really hot tip. If Matt says prices are going up, it's a sure thing to lock in futures going the opposite direction! Free money!
Let me sum it up for you: 1. Republicans are evil. 2. Evil people should not be in office. 3. Therefore, say things which will help keep Republicans out of office. The facts are irrelevant; the ideology is all.
Riiiight.
When price of oil drops to $30 a barrel and the gas prices drop to $1.50, then I'll believe that the sky is falling. But right now, bullsh*t, nothing's dropping to give the consumers a break.
Well, we know this much for sure, It's not Bush's fault.
fwiw, gas has dropped from $2.84 to $2.43 in one week in my neighborhood (Central Ohio) for the low octane.
I sure hope so...and I hope it's enough of a loss in market share that it hits the MSM in the pocketbook.
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