[Whitfield:] Here is a quick look at what is happening right now. The head of the Red Cross in the Philippines said the United States navy is being asked to save the potential survivors. Who may be trapped in the hole of a capsized ferry. The ship was carrying more than 740 people when it flipped during a strong typhoon. And the storm has killed more than 140 people more than 250 are missing there in the Philippines. Saudi Arabia says it is willing to boost oil production by 700,000 barrels a day. They made that pledge at a conference the Saudi's are hosting among major oil producers and consumers. Let's find out what the White House is saying about all of this. CNN's Kathleen Koch is live in Washington. Kathleen I have to imagine that President Bush, at least the White House must be feeling a small sense of victory here. Given that the last time the president asked for the Saudi Arabia's help they were turned down.
[Kathleen Koch, Cnn Correspondent:] Well correct Fredricka. And not surprisingly most in Washington do see the prospect of more oil on the market as a good thing. When it comes to what steps to take here at home, that is something Democrats and Republicans don't see eye to eye on.
[Koch:] The White House expressed cautious optimism at the news. A spokesman saying, "Any increase in production in today's oil market is welcome." The Saudi promised to pump more crude.
[Gov. Bill Richardson, Obama Supporter:] It is going to help a little bit, maybe reduce prices just a little. The point is, that we have got to have a bipartisan comprehensive strategy and this administration and it seems Senator McCain all they want to do is drill, drill, drill.
[Koch:] With gas prices soaring both parties agree something must be done just not what. On Capital Hill the house this week plans to begin debating four new Democratic energy proposals. Grants to cut fares for mass transit and to cut down on fuel price gulzing, another aims to curb speculation on the energy futures market which many including the Saudi's believe is driving up the price of oil.
[Rep. Ed Markey,  Massachusetts:] There is absolutely no way that this market doubled in value over 12 months unless manipulation and speculation was a part of it. We need to get at the heart of it and to shut that down before it shuts down the American economy.
[Koch:] Finally one measure would force oil companies to explore for oil on federal land they are leasing or lose those rights. The oil companies insist there is a reason they are not drilling.
[Red Chavaney, American Petroleum Institute:] There is no map quest chart that says drill right here for 50 million barrels. Most of that land doesn't have oil or gas.
[Koch:] White House and Republican energy plans push for clean cold technologies ending the moratorium on oil shale as well as more oil refiners and off shore drilling.
[Sen. Kay Bailey Hutchison,  Texas:] Drilling off shore on a state by state option is something that I think we could do very environmentally safely. And yet anything that says production is killed by the Democrats.
[Koch:] As Democrats and Republicans joust over whose energy plan is best, the one thing they can agree on is cold comfort to American drivers. And that said is the fact there is no single silver bullet solution that will quickly cut prices at the pump. Fredricka.
[Whitfield:] We'll have to continue to be a little patient. Thank you so much Kathleen. Well despite the Saudi announcement there are fears that oil prices could spike again with news out of Nigeria now. Chevron confirms it has stopped on shore production after a critical pipeline was attacked Thursday in southern Nigeria. Rebels are being blamed for a ruptured pipeline. The main militant group denies involvement. Nigeria is the world's eighth largest producer of oil but output has steadily decreased in recent years because of rebel attacks. Back here in the U.S., it is a day of California burning. A series of lightening strikes is blamed for an out break of wild fires in the northern part of that state. There are at least 600 brush fires like this one right here. The largest is nearly five square miles in the heart of California's wine country, Napa Valley.
[Frank Mcgill, Resident:] One of the lightening strikes was so loud we heard the lightening and at the same time the thunder was shaking our house. We looked up behind we started seeing the smoke up in the hill.
[Whitfield:] Besides the tough terrain firefighters are also battling searing hot temperatures. Let's find out if there will be any relief soon for stifling parts of California. Meteorologist Jacqui Jeras is in the Severe Weather Center. Jacque.
[Jacqui Jeras, Cnn Meteoroligist:] Hey Fredricka. We have another day to go yet with the heat to cross parts of the southwest. We are dealing with the dry thunderstorms mostly what caused all the fires yesterday. These were regular old thunderstorms, but what happens is all the moistures in the mid level of the atmosphere and the base of the thunderstorm is relatively high. While it is raining like most normal thunderstorms do, the precipitation actually evaporates before it reaches the ground. So you get light rain but you don't get anything wet. When you are talking about dry conditions here, fires are ignited very, very easily. The area highlighted today by the Storm Prediction Center right here across parts of Nevada, into Utah and even into western parts of Colorado for that threat of dry thunderstorms. A number of record highs yesterday, this is hot even for Phoenix 115 that is miserable. Ramona, California, 107, and San Diego had 92 degrees. We could break a few more records once again today. Extension heat warnings remain in place across parts of southern California, also into parts of Arizona but we'll start to watch conditions cool off a little bit by Monday and a little bit more significantly by the middle of the week. But in the mean time it feels like 106 in Vegas and 91 in California. Severe weather the rule of the day here across parts of the northeast. Look at all of the watch boxes right here. Damaging winds and large hail will be the big concern. We have some strong thunderstorms moving just north of New York City. A lot of problems at the airports. When you see those boxes closing in on the megalopolis, you know that almost every major airport is going to be impacted, you will have delays. Too many to show you, so call ahead.
[Whitfield:] OK that is always a good idea. All right. Jacqui appreciate it. It is too early to tell for sure, but the state of Iowa estimates that crop losses from the flooding could hit $3 billion. You have to think that we'll be feeling this at the grocery store. Jeff Caldwell is "News and Features" editor for Agriculture.com. He is on the phone with me now. All right Jeff, prices of corn and soy bean have already been high in part because of ethanol production. How hard is this flooding going to hit these crops?
[Jeff Caldwell, News Editor, Agriculture.com:] Hi Fredricka. The biggest concerns are with the folks who are still facing serious trouble with lack of property here with the floods. Regarding the corn and soy bean crops, we will likely not see any consumer price hikes as a result of this for several months. We are looking at here with the flood damage is sort of the first step in a longer chain of supply and the process and production of the food products that are based on the corn and soy beans grown in the Midwest. We are looking at; I hate to put a number on it, but maybe a 5-10 percent increase in the price of things like beef and pork. The meat case will be the first place where you might see some price hikes in six to nine months. Because the majority of the corn and soy beans that are grown in the Corn Belt, in areas affected by the flooding go toward feeding cattle and hogs and poultry.
[Whitfield:] So when we talk about the increase in beef and pork, is that because live stock was killed and displaced at a result of this storm?
[Caldwell:] It is hard to say at this point. About the number of animals lost as a result of the flooding. I know that there was a serious effort with the Iowa's hog farmers for example to move those animals out of the flooded areas before the high waters hit. That was kind of an example that went on a head of time. A lot of those losses will probably be less because farmers were able to prepare ahead like that.
[Whitfield:] OK and the second part, is that response that you had earlier are we saying that the majority of the corn and soy that is grown in Iowa goes toward the feeding of live stock and that is in part why we are not likely to feel it at the store right away?
[Caldwell:] That is true. And one important thing is also the corn that goes toward the products that we consume, is a small, small fraction compared to the amount that is feed to these animals and hogs and chickens and turkeys that are raised in the area.
[Whitfield:] So is our stock of these grains pretty substantial that it could carry us over for quite sometime until these farmers or perhaps other farmers are able to pick up where you know, these crop losses left off?
[Caldwell:] That could be the case. You know, circumstances last year, we had the largest corn crop in this country last year. Many farmers grew more corn last year and also constructed more on farm grain storage, grain bins for that crop. So there was still some grain on the farms and as these prices have been going up in the market before the flooding, folks were selling into the market place so we will still see about the same amount of grain going into the system from these farms for quite a while. And we really won't know how much of a shortage that we'll have until this
[Whitfield:] Jeff, before I let you go, what are you hearing directly from the struggling farmer who has already had quite a few years of tough times?
[Caldwell:] You know the last year or so has been good for a lot of the farmers in this area. With higher prices, input costs are going up. You know folks were looking forward to hopefully a bumper crop this year, and pretty good incomes and a lot of things that are not going to happen. There are some ways that farmers will be able to hedge against the damage that they've taken. But there again, some will be left with no real recourse from the floods.
[Whitfield:] Jeff Caldwell, thank you for your time, "News and Features" editor with Agriculture.com. Tragedy overseas before we get to that. If you would like help out the people who are struggling there in the Midwest you can through our Website Impact your World, go to CNN.comimpactyourworld. Certainly if you tap in there you can find out what kind of aid organizations are there to help the people who are struggling as a result of this calamity. CNN.comimpact. In the mean time tragedy overseas as well. More than 100,000 people dead or missing. Weeks after a cyclone practically destroyed Myanmar there are still major relief efforts going on. We will speak with someone who has just left the devastation is now at state side next in THE NEWSROOM.