u.s. house passes cap and trade
Heated debate and a close margin was the rule, but the U.S. House passed the cap and trade energy bill. The vote was 219 - 212. About 40 Democrats voted against the bill. President Obama earlier in the week said that America must look for new energy alternatives and this bill was the way to go. Republicans said that the policy will result in higher energy prices for consumers and businesses.
In oil trading, August light sweet crude settled at $69.16, down $1.07 for the session. Oil finished the week down $1.27.
Personal income jumped up 1.4 percent due mainly to stimulus benefit payments from the government and lower taxes. Disposable personal income rose 0.2 percent in May.
