The Media Researh Center reports that CNN has given air time to a conspiracy theory on oil prices:

USA Today reported that gasoline prices could be closer to $2 a gallon by Thanksgiving. The paper cited the end of the summer driving season and decreased demand as causes for this predicted decline. Not surprisingly, CNN's Jack Cafferty saw something more sinister at work. Before his daily "Cafferty File" segment during the 4pm EDT hour of The Situation Room on Wednesday afternoon, substitute anchor John King and news reader Zain Verjee discussed this report and cheered on lower gas prices as good news. Cafferty then spouted off the old liberal conspiracy theory connecting Republicans and Big Oil: "You know, if you were a real cynic, you could also wonder if the oil companies might not be pulling the price of gas down to help the Republicans get re—elected in the midterm elections a couple of months away."

Even though he softens his accusation with the words "if you were a real cynic," he is planting the noiton of a vast conspiracy of Big Oil and the GOP. This is shameless. Summer is a time of peak demand for oil, and prices usually rise. Moreover, speculators have bid up prices, and inventories of oil are now high, leading to downward pressure on prices, as inventory costs mount, and the prospect of further seasonal declines in consumption provide impetus to sell. 

There's nothing mysterious about this. CNN is giving vent to ridiculous and politically—charged conspiracy—mongering. Why should Cafferty merit regular exposure?

Hat tip: Ed Lasky

Thomas Lifson   9 08 06