Flip-Flop

As the price of oil was rising quickly the media (and Congress) was quick to blame speculators.

Now as the price of crude has dropped in the past few days the media has stated that it was all just an issue of supply and demand.

So, which is it?  The hidden hand of speculators or the "invisible hand" of Adam Smith?

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Not to be outdone, it seems the American Public seems to flip-flop as well (although by way of the media).

Each successive price rise in gasoline, over the past couple years,  led to news reports where individuals were interviewed on their reactions (often interviewed at the gas pump, and often filling an SUV).  These reactions were often over the top, generally proclaiming higher prices as the newest horseman of the apocalypse*.  Today the local news interviewed someone at a station charging less than $4/gallon (roughly $1/liter for those of you with a more logical measurement system).  The interviewee was ecstatic -- just thrilled at wonderful this was.

How can $3.90 be the end of the world when rising from $3.80, but be a good thing when falling from $4? 

-- Andy

* I am sure there is a great comment out there of the horseman on his lowly horse and the individual in their mighty 300-horsepower SUV -- but it just isn't coming to me.  Maybe this is why blogs have comment sections.