US to Provide Limited Oil to Refineries
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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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Shell and other oil companies sought loans from the US reserve after Hurricane Ivan disrupted oil imports and production. While the added supply from the Strategic Petroleum Reserve
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The head of the Organization of Petroleum Exporting Countries (OPEC) has called on the United States to release some of its oil reserves to help reduce world oil prices.
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The Bush administration said Thursday it is weighing a request from several U.S. refiners to borrow crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.
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Oil prices fell to just above &#36;48 on Friday after 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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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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Oil prices fell to just above $48 on  Friday after 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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At a time when the nation is chafing at its dependence on foreign oil, it is becoming clear that the United States may be headed for the same situation with natural gas.
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Oil settled at a one-month low on Tuesday amid intensifying worry a weak U.S. economy could trigger a global slowdown in energy demand.
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MOSCOW  - Russia's natural resources minister said Monday foreign companies would be welcome to help develop offshore oil fields, the same day a senior U.S. diplomat expressed concern about the minister's earlier statement that foreign access to oil and gas deposits would be limited.
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WASHINGTON, Aug. 18 (Xinhuanet) -- US commercial inventories of crude oil and gasoline decreased last week, according to a survey by the Energy Department on Wednesday.
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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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A complete shutdown of BP Plc.'s   giant Prudhoe Bay field may not be necessary, and global  crude supplies look sufficient to hold U.S. refiners over while  BP fixes a leaky pipeline, U.S. Energy Secretary Sam Bodman  said on Tuesday.
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Crude oil futures may decline next week on speculation the US is importing enough to boost inventories, easing concern about a shortage of winter fuel, according to a Bloomberg survey.
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Crude oil futures tumbled below $48 a barrel yesterday, closing at their lowest level in seven weeks, on rising expectations that the US supply of transport and home-heating fuels will be adequate this winter.
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Crude oil futures fell close to a one- month low on expectations a cease-fire in southern Iraq will reduce the sabotage of oil pipelines and supplies from Russia will increase.
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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