U.S. to Loan Strategic Reserve Crude Oil
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Two refiners will borrow crude oil  from the national emergency reserve to replace output lost due  to Hurricane Ivan and another oil major may be next to tap the  stockpile as prices near all-time highs.
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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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WASHINGTON -- Oil prices inched closer to $50 a barrel yesterday even as the Bush administration offered to tap the nation's emergency stockpile of crude on behalf of refiners whose supply was disrupted by Hurricane Ivan.
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The U.S. Energy Department on Wednesday put itself on a collision course with Senate Democrats with a plan to buy more oil for its strategic reserve even as prices hover near $90 a barrel.
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With oil near $50 a barrel, the Bush  administration is set to allow oil refineries to borrow 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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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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OPEC&#39;s president said yesterday the United States should tap into its emergency petroleum reserve to help lower oil prices. &quot;We have asked [the United States] to use their oil reserves
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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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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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The United States must diversify its  global oil supplies, expand a world network of strategic  petroleum reserves and raise fuel efficiency standards to  ensure its energy security, a panel of experts recommended on  Wednesday.
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Crude futures weakened a bit immediately after the petroleum reserve announcement, but then edged ever closer to a record high. Crude for November delivery closed up 11 cents at $48.
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries has asked the United States to use its strategic petroleum reserves to help reduce oil prices, the cartel&#39;s president said Wednesday.
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To ensure affordable and reliable  energy supplies in the future, the United States needs to  diversify its global oil supplies, expand a world network of  strategic petroleum reserves and significantly boost vehicle  fuel standards.
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World oil prices rose on Thursday as  concerns over a supply shortage after Hurricane Ivan persisted  despite news the U.S. will loan some oil from its reserves to  refineries to make up for lost production.
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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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The Bush administration announced Thursday it would provide U.S. refineries with "limited quantities" of crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.
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DAYTON, Ohio  - The Bush administration said  Monday it is closely monitoring U.S. crude oil prices, which  traders said could soon top $50 a barrel on worries about  supplies.