The Future of Energy: Is the US Prepared?

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With crude oil and gasoline prices soaring, official attention is shifting from demand to supply. Will there be enough to fuel the world's growing economies in the next 30 years? Those prices aren't likely to come down. Will that mean reducing environmental standards or creating markets for alternative sources? We hear what's facing Americans and their next president. Also, a McCain policy speech makes nuclear policy a campaign issue, and a surprise win at this year's Asia Cup made Iraq's international soccer team a rare symbol of national unity. Now it may be excluded from the Beijing Olympics and the next World Cup.

Photo: Justin Sullivan/Getty Images

Making News

McCain Speech Makes Nuclear Policy a Campaign Issue ()

At the University of Denver, in what his campaign billed as a major foreign policy speech, John McCain today addressed an issue with few good options: nuclear development in Iran and North Korea. Jonathan Martin is senior political reporter for Politico.com.

Guests:

Jonathan Martin: Senior Political Reporter, Politico.com

Main Topic

The Economic Fallout of Chronically High Oil Prices ()

Two hundred dollars a barrel for oil and $6 a gallon for gasoline--next year. That's according to experts at Goldman Sachs. Many authorities believe those rising numbers won't ever be coming down and that this is the time for the US to wake up and do something about it. As Congress waits for a new president who might have an energy policy, there's talk of an uprising by angry consumers. Meantime, the International Energy Agency, a multi-national organization based in Paris, is making its first attempt to comprehensively assess the condition of the world's oil supply. Final results are expected this coming November. But the agency's already worried since aging oil fields and diminished investment may indicate that supply won't meet demand 20 years from now. Has oil reached its peak? Will Americans agree to sacrifice the environment for oil? If there‘s a market for alternatives, will it be ready in time?

Guests:

Neil King: Diplomatic Correspondent, Wall Street Journal
Juli Niemann: Oil Analyst, Smith, Moore & Company
David Sirota: author, 'The Uprising'
Robert Manning: Professor of Finance, Rochester Institute of Technology

Reporter's Notebook

Iraqi Soccer Association Suspended ()

Sunni, Shiite and Kurdish players overcame social odds to form the Iraqi national soccer team. Then they won an unlikely victory at the Asian Cup. But today their coach says they are "crushed" psychologically because they might not be allowed to compete in the Beijing Olympics in August or for the World Cup in 2010. The government of Iraq has disbanded its Olympic Committee, so the world governing body of soccer, in turn, has suspended Iraq's soccer team. We hear more from Stephen Farrell of the New York Times and Jamie Trecker of FoxSports.com.

Guests:

Stephen Farrell: Reporter, New York Times
Jamie Trecker: Senior Soccer Writer, FoxSports.com

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