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Bush lifts oil drilling ban, wants Congress to act (AP via Yahoo! News) President Bush on Monday lifted an executive ban on offshore oil drilling and challenged Congress to follow suit, aiming to turn the enormous public frustration about gasoline prices into political leverage. Democratic lawmakers rejected Bush's plan as a symbolic stunt. Rep. Markey seeks mandatory SPR oil withdrawal (Reuters via Yahoo! News) The U.S. government would withdraw 500,000 barrels of oil a day from an emergency reserve over six months to help lower retail gasoline prices under legislation being sought by a key Democrat in the U.S. House of Representatives. Oil hovers near $145 a barrel as dollar gains (AP via Yahoo! News) Oil prices settled above $145 a barrel Monday, after swinging between gains and losses as traders weighed global supply concerns and a mixed dollar against worries about the health of the U.S. economy. Canadian miner bids for oil and gas company (AFP via Yahoo! News) Canadian miner Barrick Gold Corporation made a hostile takeover bid on Monday for oil and gas company Cadence Energy Inc., hoping it said to mitigate its soaring energy costs. Russia denies that politics lie behind halted oil deliveries (International Herald Tribune) Technical problems, not political motives, are behind a sudden reduction in oil deliveries to the Czech Republic, Moscow says. Bush lifts executive ban on offshore oil drilling (CNN.com) President Bush lifted an executive order banning offshore oil drilling on Monday and urged Congress to follow suit. Oil prices mixed on supply worries as Brazil strike begins (AFP via Yahoo! News) Crude oil prices closed mixed Monday as oil workers in Brazil began a five-day strike that further tightened global energy supplies, traders said. Offshore Drilling Backed as Remedy for Oil Prices (Washington Post) On Jan. 28, 1969, a blowout on a Unocal rig six miles off the coast of California spilled 3 million gallons of oil into the waters off Santa Barbara. The blackened beaches and oil-soaked birds and seals became icons for the environmental movement and eventually brought oil exploration off the Atl... Oil again settles above $145 a barrel (AP via Yahoo! News) Oil settled above $145 a barrel for the third time this month, close to where it began on Monday, after a back-and-forth trading session that mimicked last week's wild swings. Shell Canada offers to buy Duvernay Oil for $5.16B (AP via Yahoo! News) Royal Dutch Shell PLC on Monday offered to buy Canada's Duvernay Oil Corp. for 5.19 billion Canadian dollars ($5.16 billion) in cash, in a move to nearly double its North American natural gas production. |
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