It seems so unnatural for oil (and gas prices) to have risen so fast in 2008. Did significant quantities of oil suddenly disappear or become unreachable? Was the number of cars on world roads doubled all of a sudden?
Why did the price of oil double in such a short period of time? Seriously increased demand? Surprisingly decreased supply? Not Hardly!
This looked suspiciously like a speculative bubble at the time, and lately it has become obvious that it indeed was speculation, not supply and demand, that primarily caused the sharp increase in oil prices in 2008. Recently 60 Minutes did a story indicating that speculation affected the dramatic price swings more than the economic forces of supply and demand.
On Tuesday the 28th of July, 2009, the Wall Street Journal published an article that was referenced on the Drudge Report that asserted the same. The morning of the 28th the Wall Street Journal article could be read in its entirety by clicking the link on the Drudge Report – but a day later, the article was no longer listed on the Drudge Report, and a Wall Street Journal subscription was required to read it. Is it possible that someone didn’t like that article being out there for everyone to see? The fact that it is no longer listed on the Drudge Report and no longer available for non-subscribers (just a day after it was published) is compelling evidence that the article was on target.
Click here for the article as currently listed on the Wall Street Journal’s website.
Click here for the cached Google archive of the article as it was seen before access was limited – undoubtedly by interests who wanted to limit access to the information.*
Welcome to the journalistic integrity of the mainstream media in the 21st century – where the pursuit of truth has been wholly replaced by the pursuit of the dollar.
Remember “Drill Baby Drill!”? This was the mantra of the Republican Party as the 2008 election approached. Offshore drilling was their proposed solution the problem of increased oil prices.
Think about that . . .
How completely uninformed were the people on your television pushing that slogan as a solution to the 2008 oil crisis during mainstream election coverage? Offshore drilling is what we need to solve the Oil crisis? How stupid do they think we are?
At this point, it is obvious that the offshore drilling proposed during the 2008 election had nothing whatsoever to do with what was actually going on. Yet, it was touted and promoted as a real solution by people who thought they were qualified to be world leaders – and the mainstream media didn’t call them on it, and they still aren’t calling them on it.
It is bad that political leaders with aspirations to lead the world’s biggest economy put forth such hollow rhetoric. It is much worse that the mainstream media fell for it.
*Note: this cached version of the full article as it originally appeared on the Wall Street Journal website will eventually be replaced by the current version, which requires a subscription to read.