Oil prices soared to a record high of more than $143 a barrel Wednesday.

Guest: Mary Ellen Klaus, Miami Herald

In Cedar Rapids, Iowa — among the hardest hit by flooding so far — the water that forced nearly 24,000 people from their homes is starting to recede. Still, thousands of residents remain unsure as to when they can return to their home for good. The Takeaway talks to one of those uncertain residents, Mary Dickinson.

The waters of the Cedar River are starting to recede in eastern Iowa, an area that was forced to evacuate nearly 24,000 people after heavy rains pounded the area. As residents slowly return, they are finding high waters remain. Iowa public media correspondent Dean Borg speaks with The Takeaway from his home outside Cedar Rapids.

Almost three years after Hurricanes Katrina and Rita pounded the Gulf Coast, New Orleans is a shell and its citizens remain displaced and impoverished. Documentarian June Cross joins The Takeaway to discuss the region as the Federal Emergency Management Agency's deadline to evacuate victims still living in temporary trailers passes.

20% of the world's fresh water is in the 5 Great Lakes of North America. The lakes are what's left over from a giant glacial melt at the end of the last ice age 20 or 30 thousand years ago...which is why the water isn't salty. It's a lucky break for North America and an enticing solution to water problems outside the Midwest.

The subprime credit crunch and rising oil prices have rattled the country's economy, and states are feeling the pressure as well. Twenty-eight states and the District of Columbia are expected to face budget deficits in 2009 following decreases in sales tax and property tax revenue. It's no worse than in California, which faces a $16 billion shortfall. But state lawmakers are getting creative. We talk with California Assemblyman Jim Beall, D-San Jose, who is proposing a "six-pack tax."