Living Smaller And Cheaper

Saudi Arabia has called for a meeting of countries that produce and consume oil to discuss ways of dealing with high energy prices. What could this weekend's summit mean to American consumers at the gas pump? (Producer: TBD )
This column was written by CBS News Early Show co-anchor Harry Smith.

Four dollars and ten cents for a gallon of gas is a lot of money. I remember a couple of summers ago when gas started edging past $2 a gallon. My car uses premium fuel so the price was even more. The gas pump wouldn't go past 50 bucks so I didn't really fill up that day. The days of $50 fill ups seems like a long time ago, doesn't it?

News papers and news shows are filled with headlines about the economic crisis even while experts argue whether or not the economy is in a recession. It's all starting to feel like an economic Katrina. Every where you look there's trouble. And if you're waiting for the cavalry, as the folks on the gulf coast said to me a few summers back, you'll be out of luck.

The economic stimulus checks have been spent and it was like putting a band aid on a broken leg. Wal-Mart's stock went up, but I promise that will not evolve into a recovery. Survival will go to those who can figure out how to live smaller and cheaper.
By Harry Smith