NPR 2008-06-07

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The biggest one-day jump in oil prices ever. A more-than-ten-dollar-a-barrel surge coupled with an unexpectedly weak employment report was enough to give the financial markets a case of indigestion at week's end. Oil closed at its highest level ever, close to 139 dollars a barrel today after an oil industry analyst¹ speculated prices could be even higher within a month. Daniel Yergin is chairman of Cambridge Energy Associates. He says rather than only one thing, it seems to be market jitters² that are playing a big role here. "When you see oil go up ten dollars in a day or 17 dollars in two days, and nothing has physically³ affected⁴ the supply of oil, that tells you that the psychology⁵ of this market is very, very nervous. " On the job's front, the government reported the biggest one-month jump in the unemployment rate in more than twenty years. The unemployment rate rising a half (of a) percent to five and a half percent in May.

A bill that would cap emissions⁶ of greenhouse gases linked to global climate change died in the Senate today. NPR's Brian Naylor has more.

The measure failed after backers could not get the 60 votes they needed to end a Republican-led filibuster⁷. The bill would have established a cap-and-trade system aimed at reducing carbon emissions by industries and utilities. Carbon emissions would be capped at 71% below current levels by mid-century. Opponents argued it would drive up energy prices and the president promised to veto. Though the measure died in the Senate, backers like California Democrat⁸ Barbara Boxer⁹ looked at the bright side. "Well, this is a landmark¹⁰ day. It's another milestone¹¹ in the fight against global warming. " The bill supporters say they will be back next year with a president that supports their efforts. Brian Naylor, NPR News, the Capitol.

US ambassador to Zimbabwe accused the government there of using food as a weapon to ensure President Robert Mugabe stays in power. He spoke¹² to reporters via video conference as NPR's Michele Kelemen reports.

Authorities in Zimbabwe have suspended the work of foreign aid groups. And Ambassador James McGee says he is getting reports that government food aid is being given only to those who support Robert Mugabe. He said opposition¹³ supporters have to give authorities their voting card, and therefore, give up their right to vote in order to get food handouts¹⁴. "We are dealing¹⁵ with a desperate regime here that will do anything to stay in power. " With just weeks to go before a run-off election, Ambassador McGee expressed concern for the safety of Mugabe's main opponent, Morgan Tsvangirai. The ambassador said he would continue to try to keep a light on the activities of the government of Zimbabwe to deter¹⁶ them from doing anything to harm the opposition candidate. Michele Kelemen, NPR News, Washington.

 Firefighters in North Carolina have been working to contain what's been described as a "massive wildfire" at a remote federal wildlife refuge in the eastern part of the state. They say the fire, which is spreading smoke hundreds of miles, has burned upwards¹⁷ of 29, 000 acres in and around Pocosin Lakes National Wildlife Refuge.

On Wall Street, the Dow fell 394 points today.

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Backers of Barack Obama would no doubt be tuning¹⁸ in tomorrow to see what Hillary Clinton has to say. Clinton is expected to officially end her campaign at noon, throwing her support behind the presumptive presidential nominee¹⁹. Former first lady is also expected to urge Democrats²⁰ to unite behind Obama and help him to defeat apparent Republican nominee John McCain in the fall. Obama and Clinton met last night in Washington in what is being called "a secret meeting"., though some details have emerged. Senator Dianne Feinstein says the meeting took place at her home and went on for about an hour.

Presumptive Democratic nominee, Illinois Senator Barack Obama, made an unscheduled appearance today in his hometown of Chicago. He joined a rally to congratulate the city on being a finalist to host the 2016 Summer Olympics. Chicago Public Radio's Tony Arnold has more.

 Chicago was named the finalist for the Summer Games earlier this week, along with Tokyo, Rio de Janeiro and Madrid. And while the Olympics were the reason for the enthusiastic rally in downtown Chicago, it was Obama who pumped up the crowd. He says the city's diversity is just one example of what it has to offer the Olympics.

"Bringing the Olympics to Chicago will be a capstone of the success that we've had over the last couple of decades in transforming Chicago to become not just a great American city, but a great world city. " The presidential contender also used the event to mention his campaign. He says when the 2016 Summer Games roll around, he will be wrapping up his second term as president. For NPR News, I'm Tony Arnold in Chicago.

The near-month contract for benchmark grade crude oil rose $10. 75 a barrel today to close at $138. 54 a barrel on the New York Mercantile Exchange.