Source Pravda.Ru

Oil prices fell on reserve crude release news

Oil prices fell Wednesday from peaks over US$70 on news that the U.S. government would release crude from its reserves to make up for interrupted shipments caused by Hurricane Katrina's rampage through the Gulf of Mexico. But gasoline surged to record levels.

The announcement reflected how seriously the U.S. administration viewed the situation the reserve is meant to cushion the nation against national emergencies.

U.S. Energy Secretary Samuel W. Bodman said the government will release an unspecified amount of oil from its strategic petroleum reserves a move designed to give refineries in the Gulf Coast area a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm.

Light, sweet crude for October delivery on the New York Mercantile Exchange rose as high as US$70.65 before slipping back after Bodman's comments to US$69.30, down 51 cents from Tuesday's settlement price, reports the AP.

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases

Presidential candidate Ksenia Sobchak, who was accredited for the press conference by Vladimir Putin from Dozhd (Rain) television channel, asked Putin about competition at the coming election

Putin to Sobchak: We will never let them turn Russia into another Ukraine
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