The Rising Price of Oil and Gasoline
In the United States, gas prices have soared to over $3 a gallon. Many Europeans and Asians are paying $5 to $6 a gallon--and there appears to be no end in sight. Increasing demand in the US, China and India, political unrest in Nigeria, strained relations with Iran and hurricane-damaged refineries in America are responsible for part of the surge. Although President Bush yesterday outlined short-term measures to bring that pump price down, energy economists say there's no quick fix to the problem of global supply-and-demand. Guest host Diana Nyad explores the reasons for the increase and possible options, including mass transit, alternative energy and fuel efficiency. (An extended version of this segment originally aired earlier today on To the Point.)Reporter's Notebook: Governor Launches Investigation into High Gas PricesResidents of California are as concerned, if not more so, than others around the country about rising gas costs. Pumps in this state often lead in national highs, especially in the summer months. This week, Governor Schwarzenegger called for a state investigation into price gouging by oil companies. Phillip Matier of the San Francisco Chronicle says oil company donations to the Governor's re-election campaign may complicate the investigation.