CNN 'In the Money' Drops Conspiracy Theory When Interviewing Oil Analyst
The recent discovery of new oil reserves in the Gulf of Mexico was the perfect excuse for CNNâs Jack Cafferty to revisit his election-year conspiracy theory. But when the September 9 âIn the Moneyâ aired, the programâs panelists talked to an oil analyst about the future of oil and gas prices, leaving out the idea of a Big Oil-GOP axis of petrol.
âYou 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,â Cafferty suggested on the August 30 âSituation Room,â just five days before the Chevron (NYSE: CVX) oil discovery.
Cafferty, prompted by panelist Jennifer Westhoven, repeated the allegation on the September 2 âIn the Money.â âCertainly the thought had crossed my mind. I mean, the oil companies have a vested interest in seeing that the Republicans remain in control of the federal government,â he remarked.
âThey wouldn't pull prices down before the mid-terms now, would they?â he added over laughter from his fellow panelists.
With Cafferty absent from the September 9 âIn the Money,â neither substitute host Andy Serwer or program panelist Allen Wastler raised Caffertyâs theory when interviewing oil analyst Fadel Gheit.
âI guess the big question,â Serwer asked Gheit, is âwhere does gasoline go from here,â adding that it is âwhat Americans are most concerned about.â
Gheit replied that âgasoline prices will likely reflect the oil prices, which have been coming down.â While Gheit added that he doesnât think the price will fall to $2 a gallon, he linked lower gas prices with lower crude oil prices. Lower crude prices, he added, have resulted from a lessening of global political tensions.
By the same token, he said geopolitical problems in the future could drive prices up again, though âall of these things are temporary; they are not going to be here for the long haul.â
Serwer later prompted Gheit to give his opinion about the new Gulf of Mexico oil find. Noting that he was reading âTwilight in the Desertâ by Matthew Simmons, âone of these peak oil guys,â Serwer asked for Gheitâs opinion on the notion that the oil industry has hit its peak of oil production. Simmons claims âwe have reached peak oil production in the world and it is all downhill from now,â Serwer noted. âDoes this discovery in the Gulf suggest that thatâs not true at all?â he asked.
âGuess what, it is time [for that theory] to be dead by now,â Gheit said, noting that the theory was popular 25 years ago and didnât live up to its dire predictions then.
âItâs a good headline grabber, itâs an interesting discussion in a cocktail party, but doesnât hold water,â he asserted.