[emersonbiggins]

I see the MSM is desperately trying to quell fears and push the market along on a string.



$this->bbcode_second_pass_quote('', ' ')APOil prices plummet over $6 amid economic fears
Tuesday July 15, 3:19 pm ET, By Adam Schreck, AP Business Writer
Oil prices plunge in massive sell-off fueled by fears of US economic woes, OPEC forecast
NEW YORK (AP) -- Oil prices fell harder than they have in 17 years Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.

Light, sweet crude plunged $6.44, or 4.4 percent, to settle at $138.74 in an extremely volatile session. Prices at one point dropped more than $10 a barrel from the day's high.

The turnaround may not signal a lasting shift in sentiment -- prices have swung violently in recent days as they flirted with record highs. But it does underscore investor uncertainty about the sustainability of sky-high prices and potentially long-lasting effects on the broader economy.
...

[Troyboy1208]

next headline: Oil up by most since Earth formation

[jlw61]

$this->bbcode_second_pass_quote('', 'B')ut it does underscore investor uncertainty about the sustainability of sky-high prices and potentially long-lasting effects on the broader economy.

[DefiledEngine]

Won't be surprised if oil prices will change by 20$ in an hour, as much as one barrel was worth in total only some 10 years ago.

[syrac818]

What?? LOL...
You guys, oil did drop by the most in 17 years. And yeah, that's going to be the headline. I know mainstream media hasn't given peak oil the attention it deserves, I know we don't get enough honest voices about conservation, and I know the endless predictions from analysts about it simply being a "bubble" are beyond tiresome.

But I hardly see the fact that oil's largest drop in 17 years made the headline as "the MSM is desperately trying to quell fears and push the market along on a string".
Sometimes man, this place. Just gets a little too into it's own world.

[Kingcoal]

I was watching CNBC at the time. The price dropped $9 literally in 5 minutes. That's a little strange to me, I've never seen anything like it. Then it recovered about $3. The government is doing everything to try to break the selling "psychology." Bernanke looked scared to death while testifying and tried to explain peak oil to congress, it was historic.

[emersonbiggins]

$this->bbcode_second_pass_quote('syrac818', 'S')ometimes man, this place. Just gets a little too into it's own world.

[Cashmere]

Always look for the spin, or you'll get all turned about.
1. Oil was at 145. So a 10 dollar drop is a 6.8% drop. Is that the number they were using? 6.8%? Or were they using the absolute dollar amount?

2. Did they cite the final drop? That is, what the drop was for the day? Or did they cite the biggest change for the day? So if oil goes up 5 then down 20 then up 15 to finish even, does that mean "oil dropped most in one day?"

3. Are we talking about inflation adjusted dollars? Given that the dollar has lost about 1/2 its value in 20 years, a 10 dollar drop today is only a 5 dollar drop then.

All in all, the 10 dollar drop is not newsworthy, but I wouldn't say the MSM is conspiring to paint a rosy picture.

It's just ignorance all the way around, from publishers to viewers.

It'll be news if we get back to 100. Anything less than that is just expected market fluctuations.

[heroineworshipper]

A house in Calif* dropped by the most ever, all the way down to $700,000.

[yesplease]

$this->bbcode_second_pass_quote('emersonbiggins', '"')Reaches new record high" just doesn't provoke the emotive response as "Oil drops by most in 17 years."

[kokoda]

Just a couple of bumps in the curve ... the trend is still up.

[emersonbiggins]

$this->bbcode_second_pass_quote('yesplease', '')$this->bbcode_second_pass_quote('emersonbiggins', '"')Reaches new record high" just doesn't provoke the emotive response as "Oil drops by most in 17 years."

[misterno]

the bottom line is we are all farked at the end

[ohcomeon]

The funny thing is, even after the "record drop" today, the price of a barrel was still in the high 130's, and that was a record high just weeks back...

Maybe it's not a conspiracy. But some perspective would be nice.

[Cashmere]

$this->bbcode_second_pass_quote('ohcomeon', 'T')he funny thing is, even after the "record drop" today, the price of a barrel was still in the high 130's, and that was a record high just weeks back... Maybe it's not a conspiracy. But some perspective would be nice.

[alokin]

the story tells more about the state of the US economy than of oil.
look at bloomberg:

bloomberg

[Jester]

$this->bbcode_second_pass_quote('syrac818', 'W')hat?? LOL... You guys, oil did drop by the most in 17 years. And yeah, that's going to be the headline. I know mainstream media hasn't given peak oil the attention it deserves, I know we don't get enough honest voices about conservation, and I know the endless predictions from analysts about it simply being a "bubble" are beyond tiresome. But I hardly see the fact that oil's largest drop in 17 years made the headline as "the MSM is desperately trying to quell fears and push the market along on a string". Sometimes man, this place. Just gets a little too into it's own world.

[Ferretlover]

And, 17 years ago a barrel of oil was how much?
Just remember: with the price of oil is two steps forward, one step back.
With the Dow, it is two steps backward, and one step forward.

[dohboi]

The headline should be about the high level of volatility in oil prices, but this does not sound very comforting. High volatility is exactly what we expect to be happening at this point.

[Ferretlover]

What gets me is that Bush has lifted the ban on drilling, and wants Congress to go along with that choice.
Does no-one in MSM seen this as an indication that things are getting Really bad?