Washington-President Bush said Aug 31 the US will loan crude from its Strategic Petroleum Reserve to help refiners scrambling for oil in the wake of Hurricane Katrina,But the first such taker,believed to be PDVSA-owned Cltgo has already backed out of its reques."The Department of Energy is approving loans" from the SPR "to limit disruptions in crude supplies for refineries," Bush said in televised remarks from White House rose garden."A lot of crude production has been shut down because of the storm.I've instructed [Energy] Secretary [Samuel] Bodman to work with refiners,people who need crude oil,to alleviate any shortages through [SPR] loans."
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