OPEC ministers meeting in Vienna announced a 1.5-million barrel cut in oil production to try to drive up prices on the international market. Washington Bureau Chief John Dimsdale reports.
The days of gas below $3 a gallon are fast returning, but this doesn't necessarily bode well across the board. Sarah Gardner reports falling oil and gas prices undercut the incentive for renewable energy projects.
Russia met with OPEC to discuss ways of leveling out the cost of oil, as oil is now so low it could make production and investment unprofitable. Megan Williams reports it's unlikely Russia would agree to cut production.
From the Marketplace mailbox, Kai Ryssdal pulls out some of the letters sent in by listeners. In the selection: comments on calculating the poverty line, food fraud, the financial crisis and the dropping price of oil.
The recent drop in oil prices might have us smiling at the pump now, but those lower prices could head back up. OPEC is expected to cut production during an emergency meeting next week. Nancy Marshall Genzer has more.
What effect would an OPEC production cut have on oil prices in this shakey world economy? Bill Radke talks to Carola Hoyos, who covers the oil market for The Financial Times.
At first, it looked like Southwest Airlines hedged its bets well when it prepaid for fuel because prices were going up. Unfortunately, now oil prices are falling. Janet Babin has more on Southwest and airlines in general.
The price of oil this morning is $72 a barrel — half of what it was three months ago. Ashley Milne-Tyte looks into some factors influencing oil markets, including the disappearance of some speculators.
The credit crisis is taking its toll on businesses, but there's optimism in the solar energy sector. Sarah Gardner reports that new technolgies and cheaper materials have improved solar's market potential.
With oil prices slipping below $75, prices for corn, gold and other commodities are also down. That's good news for consumers, but what about the overall economy? Will it spark inflation? Nancy Marshall Genzer has answers.
