- Making News: Oil Prices Jump over $50 per Barrel
The price of crude oil broke the $50-a-barrel mark today, the highest level since oil began to be traded on the exchange in 1983. The Wall Street Journal's Jeffrey Ball attributes the escalation to increasing global demand despite, production setbacks caused by recent hurricanes and the unstable political situation in Nigeria.
California Takes Reins on Auto Emissions, Global Warming
After the oil crisis of the 1970's, the US reduced oil consumption by 17%. It reduced oil imports by half, even while the economy was growing by 27%, by increasing auto fuel efficiency. The rage for SUV's put an end to all that. Could it be done again? Governor Arnold Schwarzenegger's Air Resources Board says it can--and must, in order to reduce the emission of Greenhouse gasses that produce global warming. The standards are the world's toughest, putting California ahead of Japan or Europe. New York and several other states are expected to follow California's lead. Will the auto industry go along or go to court? Does the plan put Governor Schwarzenegger at odds with President Bush? Warren Olney talks to advocates for SUV owners, environmental writers and a spokesman for the California Air Resources Board. (An extended version of this program aired earlier today on To the Point.