Gov't Set to Make Oil Loans to Refiners
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With oil near &#36;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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Banks wonât lend money. Oil has reached $100 a barrel. Unemployment is up. Whatâs a Fed chief to do?
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President George W. Bush will not tap the U.S. Strategic Petroleum Reserve to ease oil prices that hit a record high of $100 a barrel on Wednesday, the White House said.
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WASHINGTON - The Energy Department said last week 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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New Delhi, October 15 :The Government on Friday decided not to increase petrol and diesel prices this fortnight. &quot;The Cabinet Committee on Economic Affairs has decided that prices of all petroleum products will be held at the same level.
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Beleaguered Russian energy giant Yukos has warned that it will not produce as much oil as expected this year. It blames bailiffs who are draining its bank accounts to pay its potentially ruinous tax bill.
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India News, New Delhi, Ending the suspense of the past few days, the government Friday decided not to increase prices of petroleum products, even as oil prices continued to rule at high levels in global markets.
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Oil prices held steady above $48 on  Friday as the U.S. government said it would lend refiners crude  from the Strategic Petroleum Reserve (SPR), but traders deemed  the loan too small to have a lasting impact.
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Bonds posted by companies with federal oil and gas leases cover only a small fraction of the projected costs of plugging wells and restoring land once the fuel is extracted, leaving taxpayers with the potential for huge cleanup bills, an Associated Press analysis of federal records shows.
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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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Hurricane Ivan spared the critical Gulf Coast refining belt, but oil prices rose anyway Thursday on fears a new storm brewing in the Caribbean will delay tankers carrying imported crude to U.S. ports.Ivan swept east of major refineries, tank farms and other facilities in Louisiana and Texas. It also bypassed the biggest concentrations of offshore oil and gas production platforms in the Gulf of Mexico.ChevronTexaco's Pascagoula, Miss., refinery was the closest to the hurricane's path and remained closed Thursday. "The preliminary (damage) assessment is somewhat positive," said spokesman Steve Renfroe, who said the company had not determined when it could restart the plant.But on Ivan's heels Tropical Storm Jeanne knocked out a portion of production at a refinery in the U.S. Virgin Islands and barreled toward Puerto Rico.As a result, oil for October delivery rose 30 cents to &#36;43.88 a barrel on the New York Mercantile Exchange.Energy companies feared Ivan would make landfall in Louisiana or Texas and damage refineries there. The Gulf Coast accounts for nearly half of U.S. daily refining capacity of 16 million barrels. U.S. refiners are running near capacity to build stocks of winter heating fuels."The industry dodged a bullet in that the storm was really a couple of hundred miles east of refinery row (north of New Orleans) up the Mississippi River," said Jeff Dietert, refining industry analyst at Simmons &amp; Co. He said precautionary closures eliminated about 1.5 million barrels of gasoline and other products from the daily total.One of the nation's most important pipelines, the Capline carrying imported crude from New Orleans to Patoka, Ill., for Midwest refiners, was undamaged, said Shell, operator of the line.Still, Dietert predicted higher futures prices for oil and gasoline - and ultimately for consumers - after the government reports data on fuel stockpiles next week. That report will show how much oil companies and their customers have drawn from crude and gasoline inventories to make up for deliveries delayed by Ivan and Jeanne.Colm McDermott, analyst at energy research firm John S. Herold, said consumers might escape without much pain. If the impact of the refinery closures and delivery delays is short-lived, wholesalers, retailers and others in the supply chain might eat price increases rather than pass them on.Reuters reported that Ivan forced the shutdown of eight refineries, or 13% of U.S. capacity. Half of those were restarting Thursday.Offshore, Shell and other producers were flying work crews back out to some evacuated oil and gas platforms and doing aerial damage assessment of others.Shell said its refining and chemical plants in Louisiana had restarted or were never shut down. A Mobile, Ala., chemical plant remained closed, it said.
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Crude oil in New York fell from a one-month high after the White House 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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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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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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BAGHDAD -- Political infighting blocked lawmakers from opening debate yesterday on legislation to oversee the oil industry, as Iraqi and US leaders called for reconciliation among Iraq's feuding factions.
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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 Energy Department is reviewing requests for oil loans from the Strategic Petroleum Reserve following the recent hurricanes, the government said today.