Bush Set to Open Oil Reserve Spigot
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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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Crude oil was little changed after rallying more than 2 percent yesterday when US President George W. Bush&#39;s re-election signaled the government probably will continue its policy of buying oil for a national reserve.
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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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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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President George W. Bush said on Tuesday oil prices were "very high" and tough for the U.S. economy to bear. He said he would discuss the issue with the king of OPEC powerhouse Saudi Arabia. Oil prices are around $95 a barrel.
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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 inched closer to $50 a barrel Thursday even as the Bush administration considered tapping the nation&#39;s emergency stockpile of crude on behalf of refiners whose supply was disrupted by Hurricane Ivan.
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Trying to draw attention to his domestic agenda, President Bush on Thursday extolled the science of turning grasses and wood chips into ethanol to lessen the U.S. thirst for foreign oil.
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PLEAS FOR OIL: President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.
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Crude oil climbed more than $1 in New York on the re-election of President George W. Bush, who has been filling the US Strategic Petroleum Reserve.
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Amid indications that US President George W Bush is all set to return to the White House for a second term, oil prices, which had dropped below $50 a barrel on Monday crept back to $51 before settling at $50.
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President Bush used his visit to Saudi Arabia today to push for increased oil production to help the U.S. economy by forcing fuel costs down. "Oil prices are very high, which is tough on our economy," Bush said on the second day of his visit to the Islamic kingdom.
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Oil prices spiked up above $51 a barrel on Wednesday as increasing signs of an electoral victory for US President George W. Bush raised the prospect of continued
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JAKARTA The Organization of Petroleum Exporting Countries has called on the United States to dip into its strategic petroleum reserve to help deflate oil prices, the cartel&#39;s president said Wednesday.
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SINGAPORE: Oil prices have spiked up above $51 a barrel as increasing signs of an electoral victory for US President George W Bush raises the prospect of continued high demand in the world&#39;s biggest energy consumer.
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The federal government will lend oil to a handful of refiners from the nation&#39;s emergency stockpile to make up for a shortfall created by Hurricane Ivan&#39;s repeat visits to the Gulf of Mexico.
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RIYADH, Saudi Arabia, Jan. 15 -- With oil prices hovering around $90 a barrel, President Bush on Tuesday urged oil-rich countries to raise their output, but Saudi Arabia's oil minister said the world's largest producer would do so only "when the market justifies it."