November 2, 2007

Big Oil and the Economy

Economics has always been one of my weaknesses. I can carry on a conversation about a wide variety of topics, but talk to me about Micro and Macro Economics and my eyes glaze over. The midpoint elasticity formula, monopolistic competition, interest rates,money supply,and the famous ceteris paribus are about as interesting to me as Hillary's love life.

That said, I find it interesting how the clearly left-leaning news shows present information. For the last few years Exxon/Mobile has been the epitome of the evil corporation. The media described their record profits accompanied by record high oil prices as the definition of evil capitalists. Today, the news reader on the Today Show blamed Exxon/Mobile's 10% loss in profits as one of the reasons the Dow had a 300 point drop yesterday.

It looks like Exxon/Mobile cannot do anything right. Make profits, you are evil. Make less profit and you are blamed for the stock market corrections. I may not be completely versant in economics, but I do understand politics. The subtle message is clear--oil is bad. Save us ALGORE!

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