Bush Said to Be Ready to Open Oil Reserve Spigot
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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.
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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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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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&quot;We have asked them (the United States) to use their oil reserves to help cool down the prices,&quot; OPEC President Purnomo Yusgiantoro, who is also Indonesia&#39;s minister of energy and mineral resources, told reporters.
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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The president of the Organization for Petroleum Exporting Countries (OPEC) asked the United States to release some of its emergency oil stocks.
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President George W. Bush  did not press the case during almost two hours of private talks  on Saturday with Russian President Vladimir that a U.S. company  should be selected to help develop a giant Russian natural gas  field, Bush&#039;s national security adviser said.
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President Bush turned to alternative fuels to argue that his goal for reining in gasoline consumption in the coming decade was realistic.
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President Bush is hopeful that after talks with Saudi King Abdullah OPEC will authorize an increase in oil production to ease pressure on prices.
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SHARM EL-SHEIKH, Egypt  - U.S. President George W. Bush, wrapping up a Middle East trip on Wednesday, hopes his talks in Saudi Arabia will help encourage OPEC to raise production and dampen oil prices, the White House said.
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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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OPEC's president has taken the  unprecedented step of urging the United States to tap its  emergency crude reserves to bring down world oil prices.
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The president of the Organisation of Petroleum Exporting Countries says he has asked the US to release some of its emergency crude oil stocks.
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President George W. Bush said on Tuesday  that more oil from OPEC would help ease the pain to consumers  of high energy prices, applying more pressure on Saudi Arabia  to do something to tame prices.
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US President Bush says he is ready to put pressure on Middle East peace negotiators, during his first visit to Israel.
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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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Interrupting a holiday vacation at his Texas ranch, President Bush is expected to speak publicly Wednesday for the first time about the Indian Ocean tsunamis that have killed tens of thousands.