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 would negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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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 federal government and oil companies are trying to refine the process of turning oil shale into crude so that they can tap into an abundant supply on federal lands. In Autopia.
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Reliant Energy, a producer of power in 12 US states, plans to sell about $4 billion in new debt in a refinancing that may cut the company&#39;s interest costs.
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While the recent flurry of record oil prices may be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.
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Oil&#39;s advance wavered a little on Friday as the US 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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Oil prices fall back to just above $48 after the US government offers to loan crude to refiners.
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Energy companies planning a $20 billion gas pipeline to US consuming markets from Alaska welcomed new federal loan guarantees but cautioned Tuesday that other issues must be resolved before the huge project proceeds.
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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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Two refiners will borrow crude oil  from the national emergency reserve to replace output lost due  to Hurricane Ivan and another oil major may be next to tap the  stockpile as prices near all-time highs.
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A hike in petrol, diesel and cooking gas prices was postponed yet again by the government today. The decision was taken after pressure from the Left, which wanted the price hike to be put off till after the
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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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The Bush administration announced Thursday it would provide U.S. refineries with "limited quantities" of crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.
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NEW YORKâWorld oil prices rose yesterday as concerns over a supply shortage after Hurricane Ivan persisted despite news the United States will lend some oil from its reserves to refineries to make up for lost production.
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The Minister of Energy, Dr. Paa Kwesi Nduom, has said government policy on the subsidy of ex-pump prices of petroleum products would remain unchanged even though crude oil price has topped the psychological milestone of $50 per barrel last Tuesday for the
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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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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.