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Fri May 16, 2:06 PM

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By The Associated Press

NEW YORK - Oil prices held on to most of their gains Friday after Saudi Arabia's oil minister said his country boosted production by 300,000 barrels per day last week in response to requests from customers. The market also showed little reaction to news that the U.S. Energy Department is halting shipments to the Strategic Petroleum Reserve.

Saudi Oil Minister Ali Naimi told reporters at a news conference the increase, which went into effect last Saturday, would lift output from the world's leading producer to 9.45 million barrels per day by June. The announcement came hours after the White House said the country apparently would not increase demand following a personal appeal from President Bush.

Light, sweet crude for June delivery traded $2.01 higher at US$126.13 on the New York Mercantile Exchange early Friday afternoon. Prices rose as high as $127.82 a barrel, a new record, earlier in the session. The previous trading record was $126.98.

The Energy Department said it would cancel shipments into the SPR for six months beginning July 1. The move came days after Congress passed legislation requiring the president to suspend the shipment into the reserve in hopes of lowering gasoline prices.

WHAT OTHERS HAVE SAID ABOUT THIS NEWS STORY (SHOW) What's this?

Bluescreen, not to mention ONLY petrolium based fuel is legally allowed to propel vehicles in Canada. Bio-fuels take more food away and energy to produce for a auto than it did for the horse, which is why the auto came around in the first place. Only 15 bio-fuel pumps in all of Canada won't help all Canadians get it either. Some of your post dude doesn't make any sense. Bio-fuel about security is BS as oil is the ONLY thing keeping Canada afloat at present, not corn fuel!! Open your eyes!!

POSTED BY: ceri on SAT, JUL 19, 2008 05:09 PM -0500

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bluescreen, you still smoking that crack? The price of oil has gone down from $147.00 to $128.00 a barrel yet the price of fuel in 2 weeks in Calgary has gone from 1.339 to 1.369 per litre in the same time. The crown here take 64.5% right off the top. The price gasoline NOTHING to do with the price of west texeas intermediate crude. It has ALL to do with the pure greed of our crown selling us OUR OWN oil at export prices. Living in a resource rich nation means nothing anymore.

POSTED BY: ceri on SAT, JUL 19, 2008 04:59 PM -0500

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Poor pity them!!! Bet they are eating caviar and drinking champagne while the consumer is the one pinching the pennies! How many vacations cancelled and how many trips breaking the piggy bank, while they cruise and booze????

POSTED BY: Grandma on SAT, JUL 19, 2008 12:54 PM -0500

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Fuel will not go down in price, even though the cost of a barrel has gone down. Big oil is not going to relinquish their profits guaranteed

POSTED BY: The Storm on SAT, JUL 19, 2008 12:32 PM -0500

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Keep dropping. I think we could live with gas at $1/litre that is high enough to continue alternate fuel research but low enough to reduce the inflation we all felt. There is more than enough oil its just unstable supply groups. At a $100/barrel it is worth artic finds and ocean finds. We must kep the bio fuel development going, that is about security and independance not just fuel. Biofuels do not cause rising food prices or shortages, bad weather year after year and high oil do that.

POSTED BY: Bluescreen on SAT, JUL 19, 2008 03:32 AM -0500

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