Wednesday morning headlines

$150 oil?: It might happen as early as this fall, according to some prominent energy analysts. That, of course, raises huge questions about gas prices and the overall economy. In case you're wondering, $150-a-barrel oil would probably push L.A. gas prices well over $5 a gallon. This morning, U.S. benchmark crude was running a little under $122 a barrel. From the WSJ:

"It's not that the genie is out of the bottle -- it's that 100 genies are out of the bottle," said Daniel Yergin, chairman of Cambridge Energy Research Associates. Normally known for optimistic forecasts of lowering oil prices, Mr. Yergin's firm now says the price could rise to $150 a barrel this year. The world's diminished spare production capacity remains the strongest single catalyst for high prices, Mr. Yergin says. The world's safety cushion -- the amount of readily available oil that could be pumped in a moment of crisis -- is now around two million barrels a day, according to most estimates. That's just 2.3% of daily demand, and nearly all of the safety cushion is in one country, Saudi Arabia. Everyone else is pretty much pumping all they can, which makes the world vulnerable to political or other shocks.

SAG talks end: No deal was cut by last night's deadline, which means that the studios and networks will now begin working on a new contract with AFTRA and push the Screen Actors Guild negotiations to the side. The union might take a strike authorization vote as early as next week. The media companies said SAG had been unrealistic in its bargaining position, though union officials said that a deal was within reach. (Variety, DHD)

Questions for LAX head: Gina Marie Lindsey is now being asked by council members about her role, if any, in a series of questionable contracts that were made while she was running Seattle-Tacoma International Airport. Both the LAT and Daily Breeze are reporting on an audit by the state of Washington. Thing is, the audit isn't exactly news - it came out last year. And much of the audit focuses on actions by former Port of Seattle CEO Mic Dinsmore (Lindsey’s boss), who apparently was responsible for the contracts. Lindsey said state officials preparing the audit never contacted her.

JetBlue scrubs LAX plans: At least until the low-cost carrier gets a handle on fuel costs. The airline had been scheduled to launch service from LAX to NY and Boston later this month. Since last year, the cost of fueling an Airbus A320 for a cross-country flight has jumped more than $5,000. (Daily Breeze)

Disney's strong quarter: Much of the credit goes to the theme parks, which is a bit surprising given the economy. Mouse House CEO Bob Iger said bookings for the rest of the year are "slightly ahead of where they were this time last year." The rush of international visitors is clearly playing a role. As for TV, ESPN continues to lead the way, while the broadcast side has seen declines. (NYT)

Countrywide keeps dropping: Shares are down again this morning, despite promises by the mortgage lender to be good from now on. Bank of America insists that the deal to acquire Countrywide is still on, despite suggestions by analysts that the offer might get renegotiated. (AP)

"Ugly Betty" moving to NY: ABC Studios, which produces the hit comedy, is taking advantage of the state's film tax credit. About two-thirds of the show's 150 local crew members, including directors, set designers and carpenters, are expected to lose their jobs. From the LAT:

Two weeks ago, New York's governor signed into law a bill that tripled the amount of the state's film tax credit. Feature films, television series, pilots, and TV movies and miniseries that complete at least 75% of their stage work at a qualified production facility are eligible for a 35% refundable tax credit. The Empire State kicked off its "Made in NY" incentive program in 2005, and since then has seen a surge in production. In 2006, the city hosted 34,718 location shooting days, a 49% increase over the 23,321 shooting days in 2004.