Jeff Duncan: “the top headline in the Washington Post late last week said: ``Oil Prices Hit Ten Year High.'' Yet, as I drove into work…”

“the top headline in the Washington Post late last week said: ``Oil Prices Hit Ten Year High.'' Yet, as I drove into work this morning, the CBS Radio National News reported that oil prices had gone up another 90 cents a barrel. In last Friday's Washington Times, a column in the editorial commentary pages carried the headline, ``Gassed and Going Up.'' This column, written by two economists, said taxes take 43 cents of every gallon and that Federal regulations add great additional costs and have prevented any new refinery from being built for 25 years. They wrote, quote, ``The economy will suffer if the price of oil remains high. Our analysis shows that high oil prices will cost the average family of four more than $1,300; decrease consumer spending by nearly $80 billion and cost almost 500,000 jobs,'' unquote. Last Friday night on the CNN Moneyline program, one leading stock analyst said higher oil prices are leading us into a recession and much lower stock prices. The stock market fell 278 points Friday and Monday, mainly due to fears about higher oil prices.”