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Archive for June 9th, 2009

Journalists need to explain why ‘experts’ missed gasoline price hike

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I’d like to thank President Obama for giving me a $400 payroll tax cut. I’d sure like to help out with the economic recovery.

But that tax cut, thanks to 41 consecutive days of gasoline price increases, now amounts to only $150. Figuring my local commuting habits and trips to visit family and friends, I’ll pay about $700 to fill up my little Scion for the rest of the year at the current national average of $2.62 a gallon. I’ll be spending about $250 more at this price than I would if gasoline had remained near the December average of $1.62.

If the price of gasoline rises more (wanna bet?) over summer, I’ll be handing even more of my payroll tax cut to Big Oil.

So why the sharp, 62 percent increase? Why did the “experts” who are supposed to understand gasoline and oil markets get it wrong? Journalists have indeed been telling us the “experts” were wrong and what factors have been driving gasoline prices higher — but not why the “experts” erred in missing those factors.
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Written by Dr. Denny Wilkins

June 9, 2009 at 1:14 pm

Posted in Uncategorized