Alarmed by the plummeting price of oil, OPEC ministers today announced a record cut in future output — 2.2-million barrels per day beginning Jan. 1. Even so, prices on world markets hit four-year lows today. John Dimsdale explains why.
OPEC is meeting in Algeria today, and OPEC and non-OPEC countries alike said they'd try to cut production to try to boost oil prices. But John Dimsdale reports Americans might not notice much difference.
For months, companies have been suffering from the high price of oil — airlines, carmakers, truckers, you name it. How are they doing now that crude is down 70%? Alisa Roth reports.
Lower retail sales and a big jump in jobless claims all add up to a slackening demand for oil. Another factor for the near record-breaking drop: trouble within the ranks of OPEC. Stephen Beard reports.
Gas may be at a three-and-a-half-year low, but that doesn't stop some stations from slashing pennies off the price in a heated rivalry. Cash Peters visits two gas stations in Pasadena, Calif.
OPEC ministers are meeting to discuss plummeting oil prices. They are expected to call for a production cut. Stacey Vanek-Smith reports that doesn't mean the OPEC member countries will actually do it.
OPEC holds an emergency session in Cairo tomorrow. They want the cartel to announce a cut in output of a million barrels a day in order to prop up the price. But Stephen Beard reports it may not work.
GM has announced more layoffs. But while GM shrinks, the natural gas industry is doing some hiring. So could ex-GM workers go from assembling power trains to driving drill bits into the earth? Kate Archer Kent reports.
