Business, Finance & Economics

Bush urges patience

Unpublished

President Bush made his remarks at the U.S. Chamber of Commerce and he didn't have any good news but he tried to convey the message that he understands what ordinary citizens are going through. The President wanted to assuage fears about government intervention. He urged patience and said the government is not taking over the financial system. Tomorrow President Bush meets with French President Sarkozy and others to discuss ways to overhaul the international financial system. Another key meeting looming is an emergency summit of OPEC next week. This energy analyst says OPEC is concerned about falling oil prices and will act to remove excess oil from the market. The suggestion that OPEC might be about to cut production caused loud concern in some corners. Britain's Prime Minister called it scandalous, and this analyst says that's what a leader of an oil consuming country would say, but it's just not true. The price of oil has already rebounded a bit as trades speculate on OPEC's cuts. Current demand for oil is about a million barrels a day lower than it was a year ago

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