The Price of Gasoline: Good News and Bad
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Next week, OPEC will be meeting about the price of oil: down from $147 a barrel last July to $44 today. Meantime, the price of gasoline in the US just might go to a dollar a gallon. That's good news for consumers, but trouble for global warming and international stability. Also, the White House and Congressional Democrats make a deal on the auto bailout, Illinois Governor Rod Blagojevich was scheduled back at work today, but Barack Obama wants a special election to fill his Senate seat.
Banner image: Drivers fill up at a Fastop gas station in Pasadena, California. Photo: David McNew/Getty Images
White House, Congressional Democrats Make Auto-Bailout Deal ()
The White House and Democrats on Capitol Hill have worked out a $14 billion bailout for GM and Chrysler. White House spokesman Joel Kaplan says they believe they've "found the right solution." That may be easier said than done, according to Senate Republican leader Mitch McConnell, who says the Senate hadn't yet seen the final version of the bill. David Shepardson reports from Washington for the Detroit News.
The Price of Gasoline: Good News and Bad ()
Since the high of $147 a barrel in July, the price of oil has dropped like a stone, to about $45 a barrel. The Automobile Association of America says gasoline prices have dropped in the US for the eighty-second day in a row, to an average of $1.70 a gallon. Worldwide, the price of oil is dropping so fast that dollar-a-gallon gasoline is possible sometime next year. That sounds like good news, but it's the product of a global recession, which the World Bank is now calling the worst since the Great Depression. Would Americans jump back into gas-guzzling SUV's? What about energy independence and alternative fuels? Should gasoline taxes be increased to combat global warming and promote international stability?
- Vincent Lauerman: President, Geopolitics Central
- Robert Samuelson: Contributing Editor, Newsweek and the Washington Post
- John White: Executive Director, Center for Energy Efficiency and Renewable Technology, @vjohnwhite
- Toby Jones: Fellow in the Oil Energy and Middle East Program, Princeton University, @tobycraigjones
- David Kreutzer: Senior Policy Analyst, Heritage Foundation, @dwkreutzer
Bad-News Blagojevich Back at Work ()
Barack Obama wants Illinois Governor Rod Blagojevich to resign so a special election can fill his vacant seat in the Senate. Meantime, political fur continues to fly. Blagojevich is out on bond on charges of putting Obama's vacant Senate seat "up for sale." Today the governor went back to work, with his attorney saying there are no immediate plans for a resignation. Monica Davey is Chicago Bureau Chief for the New York Times.
- Monica Davey: Chicago Bureau Chief, New York Times
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