CBS's Smith: Media Were 'Screaming with Our Hair on Fire' About Gas Prices
CBS News veteran Harry Smith finally confessed something that the Business & Media Institute (BMI) have reported for a while and his colleagues elsewhere in the media have already picked up on: gas prices are on a downward trend.
â€śIt seems like a month ago we were all screaming with our hair on fire about the price of gas going over $3, no end in sight. And now it looks like it's dropping like a stone,â€ť CBSâ€™s Harry Smith marveled on the August 31 edition of â€śThe Early Show.â€ť
â€śWhat's happening?â€ť he then asked of oil expert Tom Kloza.
Kloza pointed to a fairly calm hurricane season thus far, noting that â€śthe market anticipated all sorts of different calamitiesâ€ť that havenâ€™t happened. Because of that â€śweâ€™re seeing much more supplyâ€ť of gasoline on hand, driving down prices.
More than two weeks ago, BMI reported how the media anticipated worst-case scenarios with gas prices in the coming weeks, including one NBC reporterâ€™s prediction that gas would reach $3.50 a gallon.
On August 28, CBSâ€™s rival network ABC noticed a two-week decline in gas prices. â€śThe Energy Department reports the average price of gas fell by 8 cents a gallon for the second consecutive week to $2.85. Analysts say supplies of gas are now abundant, and thatâ€™s driving prices down,â€ť anchor Charles Gibson reported on â€śWorld News.â€ť An article the next day in The Washington Post cited similar numbers from the private Lundberg Survey.