US gov&#39;t set to tap oil reserve for loans
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The Bush administration is set to approve requests from two refineries to borrow oil from the government&#39;s Strategic Petroleum Reserve to make up for supplies
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Oil futures hit a record high Friday as the government began lending oil from emergency reserves to refineries running low on crude after Hurricane Ivan.
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The United States will be in on bidding for oil development and prospecting tenders in Libya for the first time in 20 years, an official said Monday.
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Although the recent flurry of record oil prices might be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.
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The United States must  diversify  its global oil supplies, expand a world network of strategic  petroleum reserves and raise fuel efficiency standards to  ensure its energy security, a panel of experts will recommend  on Wednesday.
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OPEC took the unprecedented step of  urging the United States to tap its emergency crude reserves to  bring down world oil prices.
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American taxpayers have invested about $20 billion to stock the U.S. Strategic Petroleum Reserve, which is about to be filled to the brim for the first time.
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HOUSTON, Sept. 24 -- Oil futures prices continued to climb Thursday as traders shrugged off a decision by the US Department of Energy to loan two refiners a relatively small amount of crude from the Strategic Petroleum Reserve.
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries has asked the United States to use its strategic petroleum reserves to help reduce oil prices, the cartel&#39;s president said Wednesday.
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WASHINGTON, Aug 20  - US Treasury Secretary John Snow said on Friday there had not yet been a large enough disruption to the supply of oil to warrant a decision to tap the US Strategic Petroleum Reserve.
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NEW YORK, Sept 23  - Oil prices edged closer to record territory Thursday as markets shrugged off news that the US government may draw from its strategic reserves to make up for shortages due to Hurricane Ivan.
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The Bush administration is moving toward releasing oil from the nation's emergency stockpiles as a result of disruptions to production and imports caused by Hurricane Ivan.
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The kingdom&#39;s oil reserves, the world&#39;s largest, could increase by almost 77 per cent to top 461 billion barrels in a few years, the country&#39;s oil minister said Sunday.
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The federal government will lend oil to a handful of refiners from the nation&#39;s emergency stockpile to make up for a shortfall created by Hurricane Ivan&#39;s repeat visits to the Gulf of Mexico.
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Oil's advance wavered a little on Friday  as the U.S. government prepared to lend out some strategic  crude stocks, but traders said the amounts were small and that  supply worries remained.
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THE recent flurry of record oil prices may be temporary, but US Government analysts believe $US30 ($39.76)-a-barrel oil can be expected for decades to come.
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Oil prices fall back to just above $48 after the US government offers to loan crude to refiners.