Listening Post: Media Coverage of the Oil Crisis

(Al Jazeera-English)

The ups and ups of the price of oil — are the media getting it right or pumping up a crisis?

The price of oil is at an all time high. Consumers are feeling the pinch, while producers are seeing profits go through the roof. Just why 2008 has seen the surge in prices it has (almost reaching the $140-per-barrel mark) is a mystery even the media's best talking heads cannot agree on. Peak oil, speculation, supply and demand, political instability, China and India's booming growth, all these reasons and more are seized upon by the pundits trying to bring clarity to the story. Does the media’s coverage ignite our understanding or does it throw fuel on the fire, increasing the speculation that may be raising prices?