Gas prices plunging - where's the coverage?
Friday, November 21, 2008 at 07:06AM Gas prices have been plunging the past few months, and for the first time in three years the national average is below $2.
Seems like the media covered every spike in prices as if armageddon was at hand, but the recent plunge has been mostly ignored.
There's no doubt that a drop in demand has caused prices to sink, and that's an indicator of a slowing economy. But there's a positive side to this story; namely, that the $2+ drop in the past five months have meant $150 billion for consumers.
To put it in perspective, that's the size of five government rebates, similar to the one last year where taxpayers received $600.
That's huge. Those are real savings that will allow consumers to pay off debt, make purchases, invest in savings, etc. In the end, it could help soften the recession or perhaps even evert a depression. I'd love to see more coverage of this from the mainstream media.
Reader Comments (3)
omg, good news during the Bush administration? the msm must not allow it!
The media is not blowing it up, because it would divert attention away from the green energy alternate fuels movement. At least thats my theory.
You're not as dumb as you look, JZ