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NBC Dismisses Oil Experts Who Foresee Falling Gas Prices
Business & Media Institute ^ | August 30, 2006 | Ken Shepherd

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.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: driving; energy; gasprices; laborday; mattlauer; nbc; predictions; summer; tommylasorda
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1 posted on 08/30/2006 1:06:51 PM PDT by freemarket_kenshepherd
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To: freemarket_kenshepherd
Katie's little bitch


2 posted on 08/30/2006 1:09:53 PM PDT by TexasCajun
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To: freemarket_kenshepherd

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.


3 posted on 08/30/2006 1:13:20 PM PDT by saganite (Billions and billions and billions-------and that's just the NASA budget!)
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To: freemarket_kenshepherd
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.”

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.

4 posted on 08/30/2006 1:13:45 PM PDT by Gordongekko909 (I know. Let's cut his WHOLE BODY off.)
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To: freemarket_kenshepherd
If Matt wants to pay more at the pump, he should overpay. That will make him feel less guilt.

I'll be happy to pay less.

5 posted on 08/30/2006 1:13:55 PM PDT by MaestroLC ("Let him who wants peace prepare for war."--Vegetius, A.D. Forth Century)
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To: freemarket_kenshepherd
“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.”

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.

6 posted on 08/30/2006 1:14:21 PM PDT by KarlInOhio (UN Security Council resolution 1701: I believe it is ceasefire for our time.)
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To: freemarket_kenshepherd

Hezbocrats crap at rumor of cheaper gas/energy.


7 posted on 08/30/2006 1:15:02 PM PDT by Waco
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To: Gordongekko909

"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.


8 posted on 08/30/2006 1:16:23 PM PDT by L98Fiero (Evil is an exact science)
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To: freemarket_kenshepherd

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!


9 posted on 08/30/2006 1:17:28 PM PDT by colorado tanker
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To: L98Fiero
Not sure how Lauer's twisted logic works.

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.

10 posted on 08/30/2006 1:19:08 PM PDT by Gordongekko909 (I know. Let's cut his WHOLE BODY off.)
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To: freemarket_kenshepherd
“The only place they have to go is down,” gasoline analyst Fred Rozell

Riiiight.

11 posted on 08/30/2006 1:21:00 PM PDT by RightWhale (Repeal the law of the excluded middle)
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To: freemarket_kenshepherd

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.


12 posted on 08/30/2006 1:21:00 PM PDT by lilylangtree
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To: KarlInOhio
I have no idea why we are so low now.

Well, we know this much for sure, It's not Bush's fault.

13 posted on 08/30/2006 1:21:52 PM PDT by TheErnFormerlyKnownAsBig (Life is tough. It's even tougher when you're stupid.)
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To: freemarket_kenshepherd
While the superficial and mythical housing bubble is what the CNBC's and their backers are trying to sell the working class, the oil bubble is the one about to pop, maybe sending sweet crude o maybe single digits quickly, with the tankers about to run out of docks to park against to take advantage of outrageous mega-bucks,
14 posted on 08/30/2006 1:24:18 PM PDT by 100-Fold_Return
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To: Gordongekko909; All
Exactly.

Also, this points out another thing that I've noticed that really pi$$e$ me off: More and more newscasters are passing off their own opinions as news. Lauer's words are but one example. Elizabeth Vargas was REALLY bad at this, especially if you count the "furrowed-brow" look as commentary.

If you want to try an experiment sometime, listen to the evening TV news, but don't watch it. You will be amazed how much "news" is actually off-the-cuff comments by both anchors and reporters. Another trick that's becoming more common is reporting the results of a survey that the news station itself administered. As everyone knows, you can skew the results of a survey just about anyway you wish by framing the questions to get the desired results. This "make-your-own" journalism is a dangerous joke.
15 posted on 08/30/2006 1:24:26 PM PDT by econjack
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To: freemarket_kenshepherd

fwiw, gas has dropped from $2.84 to $2.43 in one week in my neighborhood (Central Ohio) for the low octane.


16 posted on 08/30/2006 1:26:42 PM PDT by Loyal Buckeye
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To: econjack
Good news is, people are figuring this out and not getting their info from the MSM in droves.
17 posted on 08/30/2006 1:28:49 PM PDT by Gordongekko909 (I know. Let's cut his WHOLE BODY off.)
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To: freemarket_kenshepherd
"CEO Thomas LaSorda"


18 posted on 08/30/2006 1:30:23 PM PDT by Lunatic Fringe (Man Law: You Poke It, You Own It)
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To: Gordongekko909

I sure hope so...and I hope it's enough of a loss in market share that it hits the MSM in the pocketbook.


19 posted on 08/30/2006 1:31:34 PM PDT by econjack
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To: econjack
Pa-ching!
20 posted on 08/30/2006 1:33:21 PM PDT by Gordongekko909 (I know. Let's cut his WHOLE BODY off.)
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