To Drill or Not to Drill

The price of oil crossed the $100-a-barrel threshold at the first of this year. Last week, it hit a record $147, then dropped below $130. But it's creeping up again today. Nobody expects to see $100 a barrel ever again. That means high gasoline prices are here to stay. From President Bush on down, Republicans are advocating an end to the moratorium on off-shore oil drilling. High gas prices are increasing public support, even though there would be no direct impact for decades. We hear from Congressmen on both sides of what's shaping up as a major election-year issue. Would the declared intention to expand domestic supplies send the right message to oil producers and speculators around the world? Should oil companies drill first on land they've already leased? What about seizing the moment to get off oil and deal with global warming?