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ike kerridge an economist from the hughes tool company, explai. price of oil-- a critical factor in the incentive to dril- had been very stable through 1971. as inflaon acceleratedin ts country about 1965 this meant that in terms of purchasing power the real price ooil was declining. there was lessncentive to ill. illing activity clinedy abou70% from the '55-'56 period the low point1971 when fewer than 1,000 rigs rainhenited states. from '51 or '5to '73 the dollar number was $3.25 for west texas crude. your purchasing power, of course, decreased all that time, and the costs obviously escalated during that 22 years. the american oil industry had other problems. to curb inflation, price ceilings were set in 1971 by the nixon administration. james scesinger, the nation's first secretary of energy. ife attempted to control the price of oilr tural gas based upon the assumion at a5%ate of returwas the ceiling because there areso many ilures, dry holes, we would discover that it would not have been the entrepreneurial activity in the industry atasecessa

julie was on the consumerwatch explai. >>> halloween tomorrow and a consumer watchdog group urges people to hand out a popular candy to the trick or treaters. julie watts on the consumerwatch explains why. >>> reporter: it's a halloween favorite that's been around for years. >> i love m and ms. >> i like them. >> reporter: but not everyone likes the bright red, yellow, blue, green and brown m&ms sold in the u.s. >> they are loaded with food dyes. >> reporter: michael jacobson is leading a campaign to convince the maker of m and ms to stop coloring the candy with artificial dyes like blue 1, yellow 5 and red 40. >> these food dyes trigger hyperactivity or other behavioral problems in children. >> reporter: the fda acknowledges that artificial dyes are a problem but only for some children. a report published two years ago found artificial dyes may exacerbate problems in children established to hyperactivity in other kids. however, that's already led to change in europe. products with artificial dyes there must carry a warning label. so to get around that, m&ms sold in europe are now colore

on the consumerwatch, julie explai >> the government shutdown is affecting internal revenue service operationsjulie explains what that means for all of you taxpayers. >> yeah. the irs is likely one government office that many would like to see shut down. it's not going to happen. the irs is keeping on a skeleton crew to keep services going. that means taxpayers would still have to pay their taxes and file tax returns. but if you're expecting a refund, expect a delay. all irs customer service offices and telephone hotlines are closed. but there is one bright spot, the irs has suspended all audits. >>> are you tired of bag fees. first grocery bags now san franciscoians will be paying for doggy bags as well. grocery stores and retailers charge a 10 cent bag fee if you don't bring your own. as of today, san francisco has expanded the retirement to include restaurants. if you don't have your own be prepared to pay an extra fee for take home or takeout. similar fees will be coming to a city near you. >>> jet blue is launching a new premium class of service next summer. don't call it first class thou

poor poor ben rhodes he tweeted badly spinning away trying to explain a policy that makes no to explai sense to anyone right or left. >> i'm really surprised.nyone righ i know a lot of people in washington are sarcastic, gossipy that i might have guessed. somebody like joseph never would have crossed my mind. >> reporter: white house staffers that have access to sensitive information are not allowed to use social media on government phones or computers. phones don't have internet access. joseph went out of his way to tweet as much as he did stepping outside to use his personal phone for all those tweets. use norah and charlie. >> thank you bill. the past issues that we just to pass the reported landed on the desk of bill daily former chief of chaff. we're welcoming you as our cbs much news contributor. glad to have you. politic >>ed glad to be here. >> >> how bad is the political there's fallout for the white house?the president >> it's bad, no question.roll obama has looked forward to the nd roll out of obama car. it hasn't gone as well as he expected. it will be corrected. it will ta