Mideast fall-out on oil and U.S. prosperity?

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No one disputes America's dependence on foreign oil. How do the presidential candidates propose to reduce American dependence on foreign oil? Is it time for new drilling or more emphasis on alternative energy sources? Authorities differ on whether the current global instability threatens a replay of the 1973 oil embargo that was so devastating to the US economy. Discussing the political fallout, and whether Mid East volatility will drive oil prices up and the stock markets down are a USC professor of political science, strategic advisor to the gas and oil industry, and advisors to both the Bush and Gore presidential campaigns.
  • Newsmaker: President Clinton and Egyptian President Hosni Mubarak hosted a hastily called summit today in Sharm el-Sheikh, Egypt. Israel's Prime Minister Ehud Barak and Palestinian leader Yassir Arafat are attending, but very reluctantly. Michael Hirsh, chief diplomatic correspondent for Newsweek is in Sharm el-Sheikh and talks about the cease fire summit.
  • Reporter's Notebook: Michael Rothman, Director of Energy Market Research for Merrill Lynch, discusses what the Chevron - Texaco merger will mean for consumers.



Warren Olney