Citgo will be allowed to pull 250,000 barrels of oil from the Strategic Petroleum Reserve because of its inability to secure crude in the aftermath of Hurricane Gustav.
Gasoline prices continued to fall , according to a nationwide survey of gas station credit card swipes, even after Hurricane Gustav caused the shutdown of more than a dozen Louisiana refineries in the past several days.
Stocks jumped Thursday, with the Dow and S&P 500 rising for the third straight session thanks to lower oil prices, a surprisingly strong reading on second-quarter economic growth, and a rally in the financial sector.
Oil prices ended lower Thursday, reversing an early spike, as traders sized up a potentially devastating blow to production from Tropical Storm Gustav and reacted to a decline in natural gas prices.
Oil prices plummeted Friday, erasing the previous session's spike, as the dollar strengthened and investors worried that a decline in demand will spread outside the United States.
Democratic presidential candidate Barack Obama said Monday that he feels Americans' pain from rising energy costs and laid out his plan to break the country's "addiction" to oil.
House Speaker Nancy Pelosi called President Bush "a total failure" on Thursday, among the California Democrat's harshest assessments to date of the president.
Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a "gimmick."
Citgo will be allowed to pull 250,000 barrels of oil from the Strategic Petroleum Reserve because of its inability to secure crude in the aftermath of Hurricane Gustav.
Gasoline prices continued to fall , according to a nationwide survey of gas station credit card swipes, even after Hurricane Gustav caused the shutdown of more than a dozen Louisiana refineries in the past several days.
Stocks jumped Thursday, with the Dow and S&P 500 rising for the third straight session thanks to lower oil prices, a surprisingly strong reading on second-quarter economic growth, and a rally in the financial sector.
Oil prices ended lower Thursday, reversing an early spike, as traders sized up a potentially devastating blow to production from Tropical Storm Gustav and reacted to a decline in natural gas prices.
Oil prices plummeted Friday, erasing the previous session's spike, as the dollar strengthened and investors worried that a decline in demand will spread outside the United States.
Democratic presidential candidate Barack Obama said Monday that he feels Americans' pain from rising energy costs and laid out his plan to break the country's "addiction" to oil.
House Speaker Nancy Pelosi called President Bush "a total failure" on Thursday, among the California Democrat's harshest assessments to date of the president.
Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a "gimmick."
President Bush will sign a bill halting U.S. government purchases of oil to replenish the nation's emergency supply, a White House spokesman said Monday.
Congress, as part of a plan to tame record oil prices, is voting Tuesday on measures aimed at stopping President Bush from continuing to fill the nation's Strategic Petroleum Reserve.
As gas prices hit another record high Thursday, senators in Washington suggested Congress may need to intervene and change how investors buy and sell oil.
Oil prices moved into positive territory Wednesday, finishing slightly higher despite a government report that revealed a surprising jump in U.S. distillates and gasoline supplies.
The biggest oilfield in the United States is shutting down because of severe corrosion. Alaska's Prudhoe Bay pipeline supplies about 8 percent of the nation's oil supply. Keep in mind, this pipeline had the biggest ever recorded oil spill in that region five months ago.
As gasoline prices surpass $3 a gallon nationwide, CNN.com asked readers what they thought of President Bush's proposals to tackle the problem, including halting deposits to the U.S. Strategic Petroleum Reserve and an investigation into whether price gouging has occurred.
President Bush's career as an oil exec may have been undistinguished, but as U.S. chief executive he's done just fine managing the Strategic Petroleum Reserve, our nation's emergency oil stockpile. Since taking office, he's added more than $6.5 billion worth of crude--all without spending a dime. In November 2001, on the heels of 9/11, Bush decided to fill the SPR to its then-700-million-barrel capacity. The price of oil has since nearly tripled. Bush avoided paying for the crude by taking advantage of an existing barter exchange between producers and the federal government, which trades oil for the use of government land. After Hurricane Katrina slowed production, the President--in an effort to ease supply shortages--sold 11 million barrels of oil for between $60 and $66 a barrel, bringing $702 million into federal coffers. The Department of Energy estimates that the SPR's stock has been acquired for an average cost of $27 per barrel. If it were all sold today, it'd be worth $44 billion. There's nothing
President Bush said Monday his administration is willing to tap the nation's strategic oil reserve to deal with supply shortfalls caused by hurricanes Katrina and Rita and urged Americans to practice energy conservation.
Secretary of Energy Samuel W. Bodman announced Thursday that the Department of Energy has approved two requests for a loan of crude oil from the Strategic Petroleum Reserve (SPR).
Even before feeling the economic effects of Hurricane Katrina, more than two-thirds of Americans said this week that high gas prices were causing them financial hardship -- 18 percent claiming serious hardship, 51 percent moderate hardship.
Stocks gripped the unchanged line Wednesday morning as relief about falling oil prices was tempered by disappointment that second-quarter economic growth was slower than thought.
Energy Secretary Samuel Bodman said Wednesday that the White House plans on tapping the nation's Strategic Petroleum Reserve to help refiners hurt by Hurricane Katrina.
Oil prices continued to slide Wednesday and hovered around the $49 a barrel level after the government reported that crude supplies jumped by 6.3 million barrels last week.
U.S. Treasury prices slumped Wednesday, sending the yield on the 10-year note above 4.10 percent, as the perception that President Bush apparently won re-election drew money out of fixed-income securities and into equities.
U.S. inventories of crude oil fell last week but stocks of distillate fuels -- the basis of home heating oil -- rose, according to a government report released Wednesday.
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