Shocker: High Oil Prices Are Making Americans Conserve Fuel
Which in turn is driving down oil prices.
But, of course, the media has to put the most negative spin possible on it:
NEW YORK - Oil prices sank as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
The real story here is that lower demand driving down high prices throws a monkey wrench into the “big oil price gouging” theory of the gasoline markets. The very theory people like Barack Obama and North Dakota Senator Byron Dorgan use to justify their “windfall profits” taxes.
All populist rhetoric to the contrary, gas prices are driven by supply and demand not greedy corporate robber barons.
