CNN-TV SATURDAY NIGHT (10 PM EST)

CAROL LIN, CNN ANCHOR: This is CNN SATURDAY NIGHT, your connection to the
world, the Web, and to what’s happening right now.

Coming up, soaring prices at the pumps. Who’s to blame? How can you keep your car on the road and cash in your hand? Results are coming in right now.

I’m Carol Lin. And Exxon outrage, big oil makes big bucks, but we pay the price. So should President Bush limit prices? You’ve been busy this Saturday. So let’s catch you up on the headlines.

Leaving the motorcade behind, President Bush spent Earth Day biking through the Napa Valley. Then he talked about research for cleaner, burning cars.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Today, I saw cars and buses that run on hydrogen, instead of gasoline, and that emit pure water instead of
exhaust fumes. This nation does not have to choose between a strong economy and
a clean environment. We can have both at the same time.

(END VIDEO CLIP)

LIN: Well, until that happens, gas prices are still rising. Some of you are paying more than $3 a gallon. OK, yes, oil is at $75 a barrel. But when President Bush talks about Iran, the markets fear oil shortages. A live report in more than a minute.

To our top story now. It seems like a summer ritual. Rising temperatures mean rising gas prices. But this year, sticker shock at the pump is fueling more concern than ever. And it has many people asking where is it going to end?

CNN’s Kareen Wynter is live at a gas station in Los Angeles — Kareen?

KAREEN WYNTER, CNN CORRESPONDENT: Carol, Californians love their cars and say if this is a price for driving, you can see here, $3.19 for unleaded regular at this gas station, they say they don’t even want to see what’s around the corner.

(BEGIN VIDEOTAPE)

WYNTER (voice-over): You’ve heard the complaints.

UNIDENTIFIED FEMALE: This is ridiculous. This is not normal.

WYNTER: So now what? Consumer analysts warn strap in for a bumpy ride with record high gas prices ahead of the peak summer driving season.

UNIDENTIFIED FEMALE: Then what happens after that is anybody’s guess.

WYNTER: Never mind predictions. Many frustrated drivers, like Rachel Lee, want solutions to what consumer groups call an energy crisis.

JAMIE COURT, CONSUMER RIGHTS ADVOCATE: Every time you see the price of gasoline go up at the pump, you can hear ka-ching, ka-ching in the bank accounts of the oil companies.

WYNTER: Experts say speculators gambling on the spot market, as well as the industry switch to less polluting ethanol have fueled costs.

The state average for regular unleaded in California, $3.05 a gallon, up nearly 60 cents from this time last year. At this Beverly Hills gas station, $4 for full service high octane fuel. To drive down prices, some economists suggest temporarily increasing oil production so supply catches up with demand.

CHARLES CICCHETTI, ECONOMIST: By June, we’ll probably have overproduced more than we need in June. July, we’ll start to see prices come down.

WYNTER: Analysts say consumers also play a crucial role.

CAROL THORP, AAA OF SO. CALIF.: Some of the solution to the oil problems — and people don’t like to hear this, but it’s true — lies within ourselves. It’s the type of cars we buy, it’s how much we drive, it’s how we drive when we’re driving, it’s whether we take advantage of public transportation if it’s available and telecommuting.

(END VIDEOTAPE)

WYNTER: Car pooling saves time and money. Experts say a little bit goes a long way, Carol, especially when you’re talking dollars and cents.

LIN: Yes, look at the pour guy behind you. He’s filling up now. Kareen, thank you very much.

Well, some Americans say President Bush could personally do something about prices. Roosevelt did in World War II, but should he do it? A spirited debate in 30 minutes.

And we want to hear from you, too. Tonight’s last call question, should President Bush limit oil profits? Give us a call at 1-800-807- 2620. There’s a precedent for this. We’re going to air some of your responses later this hour.