US OKs Emergency Oil Loan to 4th Refinery
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The Energy Department said on Friday 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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HOUSTON, Sept. 24 -- Oil futures prices continued to climb Thursday as traders shrugged off a decision by the US Department of Energy to loan two refiners a relatively small amount of crude from the Strategic Petroleum Reserve.
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Crude oil in New York rose to a record $53.80 a barrel after the US said some production shutdowns in the Gulf of Mexico caused by Hurricane Ivan may last as long as six months.
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NEW YORK, Oct 27  - New York&#39;s main crude oil contract plummeted 4.5 percent Wednesday as traders were swept with relief by news of a surge in US commercial crude oil inventories.
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That&#39;s according to the Lundberg Survey. It cites an increase in crude oil supplies combined with the recovery of US offshore oil production 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.
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NEW YORK - Oil prices climbed to within a dollar of a new record on Wednesday after the US government reported a big decline in oil stockpiles because of disruptions from Hurricane Ivan.
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The Bush administration is moving toward releasing oil from the nation&#39;s emergency stockpiles as a result of disruptions to production and imports caused by Hurricane Ivan.
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British Energy won approval from Brussels yesterday for its Â£3.4bn government-backed bail-out, under the condition that the cash is used exclusively for decommissioning nuclear power plants.
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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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The Bank of England said Friday it had approved emergency funding for British bank Northern Rock PLC to help the company overcome a liquidity crisis
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OAO Yukos Oil Co., Russia&#39;s second- largest oil producer, said it filed for Chapter 11 bankruptcy protection in the US and asked for an emergency court hearing to stop the sale of its main unit in four days.
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NEW YORK, October 27  - The Organization of Petroleum Exporting Countries (OPEC) has asked the US government to release oil from its Strategic Petroleum Reserve (SPR) to help ease the rising oil prices.
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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 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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OPEC took the unprecedented step of  urging the United States to tap its emergency crude reserves to  bring down world oil prices.
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A federal judge in New Orleans on Tuesday approved a $330 million class action settlement between Murphy Oil Corp. and residents of a New Orleans suburb flooded by crude oil during Hurricane Katrina.