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NEW YORK (AP) -- Following is a summary of top stories in the energy sector Tuesday afternoon.
Weak Dollar and the Fed Boost Oil Futures
Oil prices rose sharply, settling at a record over $98 a barrel.
“With oil nearing $100 a barrel and gas prices over $3 per gallon, Americans are feeling the pain of seven years of a failed Bush-Cheney energy policy.
Earlier this week, I outlined a comprehensive energy plan that would set a new course for America by reducing our dependence on foreign oil by two thirds. Part of my plan is to eliminate tax breaks for oil companies to create a $50 billion Strategic Energy Fund that would speed the development of clean, domestic energy sources, making Americans less vulnerable to the whims of the world's oil suppliers. But we also need to take immediate steps to address this problem.
I urge the President to release oil from the Strategic Petroleum Reserve and the Northeast Heating Oil Reserve to send a signal to the market and ease concerns about low crude oil stocks that are driving prices higher. I also urge the President to support legislation passed by the Senate this year that would protect consumers by making gasoline markets more transparent and making gas price gouging a federal crime.”