Posted by Emmanuel |
Tuesday, July 05, 2005
Lock Up Your Daughters! $80 a Barrel Soon!
I've worked as a journalist before. The pressure and urge to sell stories are omnipresent. The people from Bloomberg are hardly immune from these influences. Just yesterday, the headliner at the top of every hour for the Asian, European, and American editions was that options at $80 a barrel for crude were trading on the NYMEX. The headline certainly looked spectacular, but it's no guarantee whatsoever that we will see $80 by year end. Unless major supply disruptions occur, that figure is rather difficult to achieve. Bloomberg's producers need a slap on a wrist for this one. Repetition lends an air of inevitability to the current hysteria over a new oil crisis. Prudent reporting would've confined this news to discussions of oil prices instead of being highlighted so much.