Refiners line up for stockpiled oil
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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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WASHINGTON - Oil prices rose Thursday despite reports that refineries along the Gulf Coast, as well as production platforms in the Gulf of Mexico, that had been shut down were slowly being restaffed, as Hurricane Ivan proved to be less disruptive than feared.   "We've really not heard of any refineries in that area reporting any problems," and several are already being restarted, said Tom Bentz, a trader at BNP Paribas Futures in New York...
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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 prices were in focus as OPEC ministers meet in Vienna on output levels and as oil majors shut-in production and evacuated workers ahead of Hurricane Ivan blowing into the Gulf of Mexico.
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Top oil exporter Saudi Arabia vowed on Sunday to maintain spare oil production capacity of 1.5 to 2 million barrels per day and said it was prepared to hike output to meet customer demand.
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US refineries cranked out higher levels of heating oil and gasoline last week, which contributed to an early downturn on the futures market Wednesday.
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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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Oil prices rose amid expectations a report will show U.S. crude stockpiles fell last week to post the seventh straight decline in inventories for the worldâs largest energy consumer.
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The oil and gas firm keeps ratcheting up reserves.
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Oil prices eased on Friday as swelling  crude stockpiles countered worries over a cold snap in the U.S.  Northeast that is expected to keep furnaces fired up until the  middle of next week.
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Some companies are dealing with rising oil costs in unique ways.
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An operation is under way to evacuate an oil rig off Aberdeen in the North Sea, following a security alert.
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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 -- Oil prices inched closer to $50 a barrel yesterday even as the Bush administration offered to tap the nation's emergency stockpile of crude on behalf of refiners whose supply was disrupted by Hurricane Ivan.
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It took fire crews nearly an hour to fight the flames at the pipeline that connects the oil fields in Kirkuk with a refinery. Officials with the oil company&#39;s protection services don&#39;t yet have an estimate of the impact on exports.
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With oil prices close to &#36;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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WASHINGTON -- Oil prices rose yesterday despite reports that refineries along the Gulf Coast and production platforms in the Gulf of Mexico which had been shut down were being restaffed as Hurricane Ivan proved less disruptive than feared.