Award-Winning Commentator's BusinessWeek Columns on Energy
Challenge Conventional Wisdom by Washington and the Mainstream Media,
Attract Widespread Readership
DALLAS--(Business Wire)--
Groundbreaking reporting on energy by Ed Wallace, an award-winning
business journalist and broadcaster in Dallas-Fort Worth, has thrust
Wallace into the forefront of the national discussion over oil
supplies and skyrocketing gasoline prices.
In two April columns for BusinessWeek magazine*, Wallace was the
first to challenge Washington and the media's contention that prices
for gasoline and crude oil are rising because of a decline in global
inventories and stronger demand.
In reality, Wallace reported, speculators have largely driven the
price for oil on the futures market to record levels. In addition, he
wrote, demand for oil and gasoline is actually falling, and on April
1, U.S. gasoline reserves are at their highest levels since late
1992--all during a time when refinery production had been
intentionally cut to force up the price of gasoline.
In a related story published in the British Telegraph on April 24,
Lehman Brothers affirmed Wallace's analysis, stating that energy
supply is outpacing demand growth as the world economy cools.
Wallace's BusinessWeek columns, which appeared on April 1 and
April 23, struck an immediate chord with readers. The first article
drew more than 430,000 page views and more than 800 comments, staying
among the Top Five most-read articles for almost three weeks.
The analyst and broadcaster's conclusion that oil and gas prices
are being driven by speculation--not market fundamentals--isn't the
first where Wallace has challenged the conventional wisdom on energy
or automotive issues. In another BusinessWeek article in April 2006,
he sharply criticized corn-derived ethanol as a gasoline substitute,
calling ethanol an economic boondoggle that would lead to higher food
prices and deteriorating air quality. The ethanol article was the most
e-mailed story worldwide in the weekend after it was published.
Wallace has gained a reputation in the automotive and energy
industries for taking controversial stands which prove to be true over
time. In the 1990s he wrote other groundbreaking stories on energy and
transportation issues for media outlets. Among them was a 1993 article
about the harmful effects on the environment of MTBE, the
controversial gasoline additive. Wallace was responsible for finding
the flaws in the federal government database on the Ford Firestone
issue - reporting which later drew praise from Tire Review magazine.
More recently, Wallace was honored after speaking at the Scona 53
conference on energy at Texas A&M University in February. Appearing
with a number of experts including Azerbaijan Ambassador Yashar
Aliyev, former Virginia Sen. George Allen, and ExxonMobil Senior Vice
President Mark Albers, Wallace was given the Olin Teague Award for the
conference's best presentation.
A disciple of the pioneering writer and business consultant Peter
Drucker, Wallace approaches his work single-mindedly. "I try to find
the obscure and overlooked story that denotes a permanent change in an
economic or business paradigm," he says, "and then draw out its impact
to a logical conclusion."
Based in the Dallas-Fort Worth area, Wallace holds a Gerald R.
Loeb Award for exceptional business journalism from the Anderson
School of Business at UCLA. His column heads the Sunday Drive section
in the Fort Worth Star-Telegram, and he is a member of the American
Historical Society. The automotive expert for KDFW Fox4 in Dallas,
Wallace also hosts the top-rated talk show, Wheels, for 570 KLIF-AM in
Dallas-Fort Worth, and has one of the most viewed web sites
(www.insideautomotive.com) for information and breaking news in the
automotive industry.
For more information or to schedule an interview on automotive or
energy issues with Mr. Wallace, please phone 214.763.8076 or e-mail
wheels570@sbcglobal.net.
* Articles are available on www.insideautomotive.com.
for Ed Wallace
Jeanne Prejean, 214-729-6444
JEPrejean@aol.com
Copyright Business Wire 2008
