Main Street 9

Traders said oil’s gains on Thursday were largely driven by news that U.S. lawmakers appeared close to a final agreement on the massive bailout plan, a deal that could help the world’s largest energy-consuming nation avoid a deep recession that would cut deeply into fuel demand.
But the deal to rescue the faltering U.S. financial system [...]

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Gas prices fell back, yet again, marking the sixth straight decline, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular dropped 1.3 cents to $3.726 a gallon, from $3.739 a gallon, according to the survey released Tuesday by motorist group AAA. While prices have now dropped [...]

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Nearly a quarter of U.S. fuel production had been shut down due to the approach of Hurricane Ike, according to a government assessment released Friday.
By 10:00 A.M. ET, 13 of the 26 Texas refineries, representing a production capacity of 3.6 million barrels of fuel a day, had been shut down, the Energy Department said.
Texas accounts [...]

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Federal regulators said Thursday they could not determine after a lengthy review how much speculators have influenced commodity prices, especially the runup earlier this year in oil prices.
The Commodity Futures Trading Commission released a much-anticipated report examining the activities of large index investors and so-called “swap” traders - those who trade on behalf of banks [...]

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Oil prices fell Thursday, testing a 5-month low, as the market remained focused on slumping demand and the stronger dollar but also watched the threat that Hurricane Ike poses to the Texas Gulf Coast.
Crude futures traded down 94 cents at $101.64 a barrel, having been as low as $100.18 earlier.
On Wednesday, U.S. light sweet crude [...]

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Comments by chief producer Saudi Arabia that the market was “fairly well-balanced” was seen to suggest that output would be unchanged.
US light, sweet crude for October fell $1.15, to $105.19. London Brent crude dropped $1.17 to $102.27.
Prices have sunk from a record of more than $147 a barrel seen in July.
Opec members have expressed worries [...]

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President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel.
“It’s time for members of Congress to address the pain that high gas prices are causing [...]

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Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide.
No more. Record crude oil prices are fueling support for oil and natural gas exploration off the nation’s shores. In Florida, movement was underway even before President Bush called on [...]

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