Under-Reported News

Here's a story that doesn't seem to be getting really big play in the MSM. It seems that crude oil prices have fallen to a five week low putting them just under $69 a barrel.

May 19 (Bloomberg) -- Crude oil fell close to a five-week low after Iran signaled it may allow greater access to United Nations atomic agency inspectors, easing concern a standoff over the nation's nuclear research will cut shipments from the world's fourth-largest producer.

``With the Iran worries reduced, oil can join the other commodities and fall on inflation and recession concerns,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``The nuclear standoff with Iran has inflated prices.''

Note the lack of a conspiracy lead by Exxon/Mobile. Amazingly enough geopolitical factors in the Middle East seem to play a major role in the price of oil.

``If we can settle beneath yesterday's low of $67.85 we will probably be done with $70 oil for a while, barring a hurricane,'' Beutel said.

No wait, you mean the damage of a natural disaster can also impact oil prices? Who'd have thought?

With all the saturation coverage, outrage and moral indignation that came when crude hit record high prices (not really when adjusted for inflation) you would think that the mainstream media would give some play to declining crude prices a few weeks later. I mean if for no other reason than declining world prices giving them reasons to continue to stifle domestic production. Yet this is good news. News that might relieve some of the downward pressure on the president's poll standing.

Having made high energy prices Bush's fault (they're not) wouldn't it be only fair to give him some of the credit when they come down?

Technorati Tags: George Bush, Iran

Posted by: Stephen Macklin at 10:04 AM | Comments (2) | Add Comment