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Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee...."We (the government) should own the refineries. Then we can control how much gets out into the market."
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Analysts are raising target prices for Chesapeake Energy (NYSE CHK) following the announcement of a joint venture with Plains Exploration and Production Company to produce gas in the Haynesville shale region.
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Qatar's oil minister states that the country will not follow Saudi Arabia's lead in increasing oil production, claiming that supplies are adequate.
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The Community Coalition Against Mining Uranium is demanding that uranium exploration be suspended in Ontario until its impact on health, the environment and aboriginal land rights is properly addressed.
uranium stock news Cameco (CCJ)
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OPEC's Secretary General Abdalla Salem el-Badri states that an interest rate increase by the US Federal Reserve would strengthen the US Dollar,rein in speculation, and possibly push oil prices under one hundred dollars per barrel.
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Global demand for crude oil products is expected to decline due to record prices and the curtailing of subsidies in emerging markets.
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Natural Gas inventories are 1 percent below the five-year average for this time of year, a government report said Thursday.
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"We are clearly in the third oil price shock," declared Tanaka, comparing the effects of pricey petroleum now to periods of soaring prices in the 1970s and 1980s.
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Oil Hits $137 Following Nigerian Attack
Shell shut down production at a major offshore oil facility in Nigeria due to a militant attack.
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The EIA numbers on gasoline showed an increase of 2.1 million barrels. This number was larger than analyst forecasts and signals a reduced demand for gasoline by American drivers.