The Rising Price of Oil and Gasoline

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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.
Guest host Diana Nyad, 2002 inductee into the International Swimming Hall of Fame, is a business sports columnist for Marketplace, senior sports correspondent for Fox News, and has hosted her own show on CNBC. She's also the author of three books.

President Bush on energy policy, confronting high gasoline prices

American Petroleum Institute President Cavaney on energy policy

Birnbaum's article on gas costs putting pressure on Republicans

Governor Schwarzenegger directs investigation to high gas prices

California Energy Commission

Metier's article on big-oil donations to Governor Schwarzenegger's re-election campaign

Credits

Host:
Warren Olney

Producer:
Frances Anderton