Fox News Got Gas Prices Hilariously Wrong

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Just a couple months ago, Fox News was airing an interminable cascade of segments on rising gas prices and how they were Obama's fault. Gas prices will hit $5! No, $6, $7, even $8! They engaged in this hysterical melodrama because it was an election year, and because high gas prices were bad news for the president's reelection campaign—whenever prices spike people irrationally blame the man in the oval office, who really can't do a whole hell of a lot to keep them tamped down.

Fox News actually did a really good job of explaining this, back when Bush was president and the activist cable news organization was defending him from the kind of baseless allegations it is now manufacturing.

Anywho, national average gas prices never got anywhere close to $5, much less the truly preposterous $8. Reports are trickling in that they might actually fall back down to $3 by the end of the summer. Naturally, Media Matters did what it does best and rubbed the news in Fox's face.

By far the best line is Liz Cheney's: "people are saying $6 a gallon, $7 a gallon, but you've got to be tuned into the right channel to hear those forecasts." Indeed you do! There's only one network you can reliably turn to for such hilariously off-base economic analysis.

Tags: Oil

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