The Wall Street Journal provided us with a sterling example of our mainstream media's willful ignorance and paucity of coverage on one of the core economic issues of our time -- the perversion and distortion of oil prices and its cost in billions to consumers in the U.S. and throughout the world.
Early yesterday we were informed on a website release that "The U.S. Federal Trade Commission Said to Open Probe of Oil-Price Fixing After EU." The story was not covered that same day neither by the Wall Street Journal, the New York Times, nor CNBC.
Last month, when the investigations in Europe on oil price fixing were initiated it was front page news, on the Financial Times.
That an issue of this importance is being virtually ignored by our press is mind-boggling to say the least, and one has to wonder what nefarious influences the oil industry and its moneyed interests are able to bring to bear.
Waiting for coverage on this issue to be initiated at least the very next day, the Wall Street Journal, in a near in-your-face rebuff, highlighted this story today instead, yet with nary a word about the Federal Trade Commission's launching a probe on oil price fixing. Nor was there any coverage in the New York Times. And these are the news journals meant to keep us abreast of pertinent news events?