With unrest around the world and in the United States, its hard for Americans to find something to cheer about. One thing they can get excited about is that with every passing day, the price at the pump is falling. While most people are cheering the news of lower gas prices, one Fox News host is wondering if it’s really a good idea.
One thing that both liberals and conservatives, and Democrats and Republicans can all agree on is that lower gas prices are better for everyone. According to AAA’s Daily Fuel Gauge Report, the average price of gas has dropped for 32 consecutive days, dipping to $3.04 a gallon, the lowest average price in nearly four years. Though this seems like a win-win for everyone, Fox News and Fox Business host, Stuart Varney ran a segment on the October 28 edition of “Varney & Co.” which questioned whether or not the falling gas prices were good for the economy. Varney highlighted a recent article in the Wall Street Journal that said, “gas at $3 carries rewards and risk,” to which Varney also noted that “if you get down to low, American producers stop producing.”
Appearing as a guest on the show was Anthony Scaramucci, the founder of Skybridge Capital. Varney asked Scaramucci if he agreed with the report in the Wall Street Journal and he responded that “the Saudis want to push the gas price low. Get it below $70 a barrel, we get out of the fracking business, and it strengthens their franchise.” Scaramucci ultimately admitted that, in the short term, low gas prices would benefit big companies like Walmart and Cotsco.
Varney has focused on gas prices in the past, appearing on an episode of “Fox and Friends” in 2013 and blamed the rising gas prices at the time on the Obama administration allowing the Federal Reserve to print too much money. “I think it’s because Ben Bernanke is printing dollars, like, up a storm,” Varney stated, before noting “that is lowering the value of the U.S. dollar. And that means that oil goes up.” Varney previously pushed that high gas prices were a negative under the Obama administration, but now is promoting a different theory. Despite reports in conservative circles that the Federal Reserve’s monetary polices have led to rising gas prices, others dispute that fact, stating that increased demand on the global market, particularly in China, India and other emerging economies are to blame. “The only reason gas prices dipped in recent years was that the global economic downturn crimped spending by consumers,” said Charles Lane of the Washington Post.
Ever since the election of Barack Obama in 2008, Fox News has routinely placed the blame of high gas prices on the president, predicting that the average price could reach as high as $8 per gallon. Now that gas prices are starting to fall to reasonable levels, it looks like they are crafting a new narrative to that promotes low gas prices as being a negative on the economy, which would tie into their constant attacks on the president.