OPEC Schedules Emergency Meeting as Oil Prices Tumble

Despite relentlessly depressing economic news, this week oil dropped below $70 a barrel for the first time in 14 months, down from July's record high of $145. So even if Americans can't get loans for new cars, it will be easier to fill up their old ones with gas prices averaging $3.08 a gallon; and even as homeowners struggle to hold onto their homes, the cost of heating them will be lower than last winter. Philip Verleger, Professor of Strategy and International Management at the University of Calgary, looks at the drop in demand and prices as well as OPEC's response.