JIM LEHRER: The price of oil slid below $130 a barrel today for the first time in more than a month. The sell-off continued a third day on concerns about falling demand. In New York trading, oil finished just over $129, down $18 from last Friday's peak.
It was more welcome news for Wall Street. The Dow Jones Industrial Average gained another 207 points to close at 11,446. The Nasdaq rose 27 points to close at 2,312.
Mortgage lenders Fannie Mae and Freddie Mac also made up more ground. They gained about 20 percent apiece. We'll talk to the head of Fannie Mae right after this news summary.
The House fell short today on making oil companies drill on leases they already hold. Democrats pushed a "use-it-or-lose-it" mandate for existing leases in Alaska, the west, and parts of the Gulf of Mexico.
Republicans said the measure would have little real effect.
REP. CHRIS VAN HOLLEN (D), Maryland: Let's drill in those areas that are already leased and already ready to go, because what the president has not told the America people is that there are over 68 million acres of federal lands already leased to the big oil and gas companies.
They are not moving forward on those -- on those leases. They're sitting tight. They like the status quo. They're making record profits. Gas is over $4 a gallon. They like it that way.
REP. JACK KINGSTON (R), Georgia: The leases are very expensive. They don't buy them to sit on them. And for the U.S. Congress to think -- I mean, this is really ridiculous -- that they're sitting on land where there are great reserves of oil, but for some reason they're not drilling there, I mean, come on, guys.
This is a capitalist system. These companies are money-hungry. They run after profit. If there was oil in these places, certainly they would be working on it.
JIM LEHRER: The bill failed to get a two-thirds majority under a special rule that barred any changes. Republicans had wanted to amend the bill to allow drilling in off-shore areas that are now off-limits.
Former Vice President Al Gore challenged the nation today to turn to clean sources of power within 10 years. He said the U.S. should switch from oil and gas to generate electricity and to wind, sun, nuclear and other forms.
In a Washington speech, he called for the same commitment it took to put a man on the moon in one decade.
AL GORE, Former Vice President of the United States: To those who say 10 years is not enough time, I respectfully ask them to consider seriously what the world's scientists are telling us about the risks we face if we don't act in less than 10 years.
Those leading experts predict that we have less than 10 years to make dramatic changes in our global warming pollution, lest we lose our ability to ever recover from this environmental crisis. When the use of oil and coal goes up, pollution goes up.
JIM LEHRER: As of 2005, coal and gas accounted for two-thirds of U.S. power generation. Nuclear made up about 20 percent; wind and solar produced less than 10 percent.
The nation's largest wind-power project won initial approval today in Texas. The State Public Utility Commission agreed to a plan to build billions of dollars in transmission lines. They would bring wind energy from west Texas to urban areas. Texas already generates more wind power than any other state.
In the presidential race today, Barack Obama's campaign announced a huge fundraising total for June. The Democratic candidate took in $52 million, second only to the $55 million he raised in February. The June sum was more than twice as much as his Republican rival, John McCain.
Obama has opted not to accept public funds for the fall election campaign. McCain does plan to take public funds.
Secretary of State Rice today defended a decision to meet directly with Iran. On Saturday, a top U.S. diplomat will join European talks with Iran's chief nuclear negotiator.
In Washington today, Rice said it shows the world is unified in trying to end Iran's nuclear program. She spoke after meeting with the Finnish foreign minister.
CONDOLEEZZA RICE, U.S. Secretary of State: Well, we will see what the Iranians say. I think it's going to be very clear to them that the international community and the P5-plus-one are completely united in both tracks, that is, offering the Iranians a way to really engage with the international community, but also being insistent that they need to suspend verifiably their program in order to enter negotiations.
JIM LEHRER: The State Department has said Saturday's meeting is a one-time event, unless Iran halts its nuclear work.
A federal judge in Washington refused today to block the first military tribunal at Guantanamo. Salim Hamdan, Osama bin Laden's former driver, wanted to delay starting his trial on Monday. The judge ruled civilian courts should let the process play out as Congress intended.
The Food and Drug Administration announced today it's safe to eat all kinds of tomatoes again. Several types were linked to a salmonella outbreak that sickened hundreds of people. It's not clear what caused that outbreak, but there have been signs it is slowing. Still, a warning remains on hot peppers, mainly jalapenos and serranos.
The Library of Congress named Kay Ryan today as the nation's next poet laureate. The lifelong Californian has published six volumes of poetry and won numerous awards. She's been compared to Emily Dickinson for her brief, philosophical verses. Ryan will be the country's 16th poet laureate. And we'll have more on her work at the end of tonight's program.
