Red Cross in the Red; Jane Fonda's Speaks Out on Teen Pregnancy; Shark Hunting: Sport or Animal Abuse?; Olympian Strives for.(Broadcast transcript)

Original Source: CNN NEWSROOM

DON LEMON, CNN CORRESPONDENT: All right. How about this? A green light to produce more oil? What will today's promise from the Saudis mean for America's crunch right now.

A hung to the death. The search for sharks in a heart-pounding, chest beating contest. Is this competition in dangerous waters and her dad says this Grammy award-winning pipes are diminished by emphysema. What's up with Amy Winehouse?

Well, Saudi Arabia makes a move that could possibly keep money in your pocket. Hello, everyone, I'm Don Leon, in tonight for Rick Sanchez. And right now, on the average, we're paying around $4.07 a gallon for gas. Help, though, may be on the way. Starting next month, the world's largest oil exporter, Saudi Arabia, will increase production by about 2 percent boosting output to 9.7 million barrels of oil a day. The kingdom hasn't been at that production rate since 1981. And that's not all. Something else decided at today's energy summit in Jeddah. The kingdom said it has plans to bump production capacity an extra 25 percent by the end of the year. It's way too early to tell if Saudi Arabia's move will actually help bring down gas prices here in the U.S., still, today's news is promising and we want to sort it out for you. We've got CNN's Wilf Dinnick in Jeddah, Saudi Arabia and Kathleen Koch monitoring reaction in D.C. but first we want to get to international correspondent Wilf Dinnick, and he spoke with a short time ago from Jeddah.

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WILF DINNICK, CNN CORRESPONDENT: All the parties, all the major players in the oil industry gathered here today to figure out mid to long-term solutions to try to figure out what they can do together to try to bring down the price of oil. And they vary widely in divergent deals on just how to do it. Some saying more investment in alternative energies like solar power and wind, others saying that existing oil fields and refineries that haven't really had investments in a long time. They need more money. So the real belief here though, is the immediate effect though that good news from Saudi Arabia that all that new oil will get on to the marketplace and eventually ease demand. Fredricka.

WHITFIELD: And so might it mean that we may see a reduction in some of the gas prices as a result but maybe not in the short term but long-term?