Gov&#39;t Set to Make Oil Loans to Refiners
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With oil near $50 a barrel, the Bush administration said on Thursday it will negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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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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An agreement has been reached to lend 1.7 million barrels of oil from the government&#39;s Strategic Petroleum Reserve to two companies whose refineries were running short of crude
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WASHINGTON (CBS.MW) -- The Bush administration is considering temporarily releasing crude oil from the Strategic Petroleum Reserve to Gulf Coast refiners that were hit by Hurricane Ivan earlier this month, White House spokesman Scott McClellan said
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The Energy Department said on Friday  it has approved another emergency oil loan to a refining  company to make up for crude supplies disrupted by Hurricane  Ivan.
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Crude oil in New York fell from a one-month high after a White House spokesman said the US may loan oil to refineries from the Strategic Petroleum Reserve to make up for supply disruptions caused by Hurricane Ivan.
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A third of the countryâs oil refineries have reported disruptions like fires, power failures, leaks, spills and breakdowns this year.
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Aug. 21 (Bloomberg) -- Australia&#39;s government is considering stockpiling crude oil or refined petroleum products to protect the country from disruption to oil imports, the Australian reported.
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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A government advisory panel will  delay a report on ways to boost U.S. oil refining capacity  because the Bush administration wants to avoid a fight over  environmental regulations before the national elections,  according to a source knowledgeable about the report.
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Gov. Jim Doyle proposes taxing big oil companies more than $270 million over the next two years to help pay for the state's transportation needs.
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By JIM MYERS  WASHINGTON -- The Senate rejected a proposal Wednesday by Sen. Jim Inhofe designed to streamline the permitting process for refineries and offer economic incentives to Indian tribes and communities hit by base closings to build such facilities.
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The Bush administration is moving toward releasing oil from the nation&#39;s emergency stockpiles as a result of disruptions to production and imports caused by Hurricane Ivan.
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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 Bush administration announced Thursday it would provide US refineries with ``limited quantities&#39;&#39; of crude oil from the nation&#39;s emergency stockpile to help offset supply
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With oil prices close to $50 a  barrel, the Bush administration is set to allow oil refineries  to borrow crude from the government's emergency petroleum  stockpile to make up for supplies disrupted by Hurricane Ivan,  a congressional source briefed on the pending decision told  Reuters on Thursday.
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The world&#39;s top finance officials on Friday asked oil-producing nations to step up production and agreed it was crucial to work out exactly why prices