Filling up your tank these days can set you back $50, $100, even $150.

That’s big money. And in many families, it means something else has got to give. It could be meals out. The summer road trip. The super-sized SUV. The suburban house.

Americans are already cutting back. They’re driving less. Shopping for smaller cars. Rediscovering Amtrak.

But prices keep going up. And up.

This hour, On Point: Running on empty. How American families are dealing with high gas prices.

Guest host, Jane Clayson

Guests:

Justin Lahart, economics reporter for The Wall Street Journal;

Lutz Kilian, professor of economics at the University of Michigan. He has looked closely at the effects of oil price shocks on the economy.

Paolo Timoni, CEO of Piaggio Group Americas, which manufacturers the Vespa scooters. Piaggio sold a record 2,758 Vespas in May, a jump of 106 percent over last year.

L. Brooks Patterson, Oakland County (Michigan) Executive. Oakland County, north of Detroit, is the largest in Michigan, with 1.2 million people. On June 12, the County approved a plan to give its more than 4,000 employees the option to work four 10-hour days per week.

Americans believe in markets, and, over time, markets have worked very well for Americans. But what about now, when oil markets and oil prices and speculation in those markets are sky high and still climbing?

We know oil supply is not infinite, and demand is huge. We knew cheap oil couldn’t last forever. But with oil at $138 dollars a barrel and forecast for 200, are we being taken to the cleaners by speculators?

Congress, Barack Obama, and John McCain are saying maybe so.

This hour, On Point: Markets, the price of oil, and the weight of speculation.

- Tom Ashbrook

Guests:

Ian Talley, energy reporter for The Wall Street Journal, he covered the Congressional hearings yesterday on energy speculation.

James Hamilton, professor of economics at the University of California at San Diego. He has looked closely at the after-effects of oil price shocks.

Mark Cooper, director of research at the Consumer Federation of America, he testified last week before the Senate on energy speculation, arguing for more regulation in the commodities markets.

Rep. Bart Stupak, Democratic Congressman from Michigan’s 1st District, member of the House Energy and Commerce Committee, and Chairman of the Subcommittee on Oversight and Investigations, which held the hearing yesterday on energy speculation.

Hillary Clinton and John McCain say they want to drop federal gas taxes for the summer. Barack Obama says no.

If you’re strapped for cash and struggling with higher food and energy prices, it can sound like a good idea. But step back just half an inch from presidential campaign follies, and the idea can look pretty ridiculous.

Obama calls it pandering and bad policy. But sometimes pandering works, even if it is bad policy.

This hour, On Point: we hear from all three campaigns and an energy economist on our energy future, and why they stand where they stand on the gas tax holiday.

-Tom Ashbrook

Guests:

Stephen Power, energy reporter for The Wall Street Journal.

Robert Pindyck, professor of economics and finance at MIT’s Sloan School of Management.

Nancy Pfotenhauer, econmic advisor to Senator John McCain.

Gary Gensler, senior advisor to Senator Hillary Clinton.

Jason Grumet, senior energy advisor to Senator Barack Obama.