Wednesday, July 29, 2009

Oil, markets, and the economy

CNBC is really getting on my nerves with this oil business. Last year, they told us that the high price of oil is hurting the stock market. High oil prices is like a tax hike. Oh, how bad high oil prices are says CNBC.

Then oil prices drop hard.

Now CNBC is saying that oil prices are dropping due to the economy. Since the economy is so bad, the demand for oil is low. On those days oil prices go up, they say, since the economy is improving, the demand for oil is increasing.

CNBC needs to make up their mind. Is high oil good or bad for the economy? You can't have it both ways.

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