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California Oil Producers Get Fed Aid
The Department of Energy will grant California heavy oil producers a $1.74 per barrel entitlement under an emergency action. Added charges of 45 to 65 cents per barrel on foreign or North Slope oil fund the aid, aiming to counteract federal price controls and Alaska imports that Californians say depress local crude. It targets old oil with gravity above 26 degrees and could affect Arco Exxon Sohio and SoCal, as North Slope imports rise and local production declines.
MENTIONED IN THIS ARTICLE
NY Times News
Washington
Department of Energy
California
Nort Lope
Alaska
Department
North Slope
Arco
Exxon
Sohio
Standard Oil Co
Wall Street
J. Kenneth Cory
Panama Canal
Socal