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Rubatex Msds President Bush's decision after the Sept. 11 terrorist attacks to aggressively boost the federal emergency oil stockpile contributed to a dramatic decline in commercial oil stocks and caused energy prices to soar, according to a study released Wednesday by Senate Democrats.

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Rubatex Neoprene The report said that the diversion during 2002 of 40 million barrels of crude into the Strategic Petroleum Reserve required refiners to dip into their commercial inventories when markets already were tight and production by the Organization of the Petroleum Exporting Countries was being reduced.

The non manufacturer's DI fell 5 points to +21 as companies felt the pressure of rising oil prices.

Rubatex Pipe "We're confident this had a significant impact on the price of oil in 2002," said Sen. Carl Levin (D-Mich.), who released the report prepared by the Democratic staff of the Senate Government Affairs investigations subcommittee he chaired last year.

For the past two weeks, the JPY had been trading in a range, but yesterday broke downward, closing in on a two month low. A sharp rise in risk aversion only exacerbated the greenback's downfall against the JPY, with the USD losing a substantial 200 pips to lows of 112.66 JPY. Growing uncertainty on the global economy, which faces rising losses from the credit crisis, was fed by higher oil prices, encouraging investors to unwind carry trades funded in JPY, thus boosting the Japanese currency. The impact of the high JPY is a substantial worry for the Japanese economy and if Crude Oil does rise as expected toward the $ barrel level, this will lead to rising gas prices and start to really have an impact on the already dampening Japanese domestic demand.

Rubatex Pipe Insulation Energy Secretary Spencer Abraham rejected the notion that the government's decision significantly affected energy prices. He said the amount was too small to have an impact.

However a weak dollar combined with rising oil prices will push up inflation and this could restrict the Fed's decision with regards to future monetary policy.

Rubatex 180 Some critics also have said taxpayers have lost millions of dollars because of oil acquisitions for the reserve during periods of high prices. While the government does not technically buy oil, it accepts oil in lieu of royalty payments on oil pumped from federal land.

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Rubatex 180 Fs At 100,000 barrels a day, filling the reserve when crude was selling at $30 a barrel rather than $20 a barrel cost taxpayers $1 million a day in lost royalties, the Levin report said.

Rubatex 1800 During 2002, when oil was diverted into the strategic reserve, oil prices climbed from the low $20s a barrel early in the year to more than $30 a barrel toward the end of 2002. War jitters have caused prices to continue climbing, recently passing $37 a barrel before retreating modestly.

Rubatex 320 Energy Department spokesman Joe Davis said inventories dropped because OPEC cut production in early 2002, Iraqi oil exports declined and production in Venezuela was stopped in December. As for oil that went to the reserve, "we're talking about a drop in the bucket," said Davis.

Associated Press - 3/6/2003

Topic: Petroleum Industry