US opening oil reserve
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The federal government said Thursday it plans to loan a limited amount of crude oil from the nation&#39;s strategic reserve in a bid to offset shortages 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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Crude oil rose, erasing a 2 percent loss, after Senator John Kerry conceded the US presidential race to George W. Bush. The re-election of Bush means the US is likely to keep adding oil to its Strategic Petroleum Reserve.
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OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
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The Bush administration plans to release oil from the nation&#39;s emergency stockpile to make up for supply disruptions caused by Hurricane Ivan - the first time in nearly two years the reserve has been tapped.
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The threat of a cold winter in the United States ended a slide in oil prices on the New York market on Wednesday and put the spotlight on US heating fuel reserves.
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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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Oil prices held below $50 on Wednesday as a fresh jump in US crude oil inventories tempered the impact of President George W. Bush&#39;s move towards victory in the US election.
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WASHINGTON -- Oil prices shot up above $48 US per barrel yesterday after the US government reported that supplies shrank more than expected following production and shipping disruptions caused by hurricane Ivan.
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With enough CO2 injected into declining oil fields, the US could see its petroleum reserves quadruple.
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Two major oil companies and a small  Louisiana refiner are negotiating with the U.S. Department of  Energy to borrow crude from national emergency reserves as  crude producers in the Gulf of Mexico slowly recover from  Hurricane Ivan, sources said on Friday.
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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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The US government is to let oil refineries borrow crude from its emergency stockpile to make up for supplies disrupted by Hurricane Ivan.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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The Anglo-Dutch oil firm sets out to woo investors by explaining how it will boost its oil reserves.
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WASHINGTON, Aug 20  - US Treasury Secretary John Snow said on Friday there had not yet been a large enough disruption to the supply of oil to warrant tapping US emergency stockpiles.
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The US offers rights for oil and gas in an area of north-western Alaska renowned for its wildlife.