And this one was one I was somewhat familiar with; gas prices.
Like most geologists, I started out in the oilpatch, and my academic training included a fair bit of petroleum geology, so I know a bit about both the mechanics and the economics of getting dinosaur wine to the fuel pump nozzle. But what came out of the television this morning bore no real resemblance to anything I have ever encountered.First there was a screaming headline about how fuel prices were skyrocketing and might even reach (gasp!) five dollars a gallon by June. Some sort of FOX news numbnut came on to explain to the
Now, I don't pretend to be a brilliant petroleum savant, but where in Spindletop's name in this ridiculous farrago were the CAFE standards, international speculation in petroleum futures, the current fiascos in the Middle East, the drop-in-the-oil-barrel tininess of the "domestic oil leases" relative to U.S. demand, and that perennial Republican favorite, the Magic of the MarketTM?Especially the latter; what's the point of having a Market if it doesn't do what markets are supposed to do - respond to increased demand relative to supply by raising prices?I mean, the entire six minutes or so of supposed "news" left you with the following information; gas prices are going up (why? who knows - magic, maybe, or because Obama hates oil companies), states tax gasoline and that's BAD, high prices are BAD, drill, baby, drill, and N. Leroy Gingrich is an expert on oil production.And the thing is, the three Jensen guys sat there and ate it up. Their comments suggested that what they got - gas prices are going up, states tax gasoline and that's BAD, high prices are BAD, drill, baby, drill and N. Leroy Gingrich as expert on oil production - was what they wanted.Sometimes when you gaze into the abyss for six minutes the abyss peers back, and fuck me with a tri-cone bit if it isn't as fucking stupid as a fucking ginormous bag of fucking hammers.No wonder We Are So Fucked.