Consumer Confidence Soars on Lower Gas Prices

By September 16, 2006Energy

We’ve heard many pollsters speak over the last few months, all of whom have remarked that they’ve never seen so much concern over the economy when the economy is going as well as it is. One of the reasons is that our friends in the Fourth Estate are determined to tout all the bad news and ignore the good news.

Example: When oil prices go up, gas prices go up, it leads the news. Well, we were dogged enough to catch this buried item yesterday. It notes that consumer confidence has soared. Had it gone the other way, you can bet they would’ve made room for it on page one.

And why did consumer confidence soar? In part because oil — and thus, gas — prices have dropped. We’ll continue the trail of logic here: Wanna guess why prices fell? Demand fell. It’s that pesky law of supply and demand that just won’t go away.

You’d think this news would be enough to move Congress to finally pass the energy bill, no? Increase domestic supply, drive down prices, make consumers happy. What’s not to love?