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The Wall Street Journal: Oil News Roundup: November 8, 2006 4:48 p.m.


Crude-oil futures rebounded by nearly $1 a barrel on the New York Mercantile Exchange, settling at nearly $60, as traders assessed declines in U.S. gasoline and diesel-fuel inventories and the possibility of further OPEC production cuts. Here’s Wednesday’s roundup of oil and energy news:

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ELECTION’S ENERGY IMPACT: Democrats, who last night took the House of Representatives and may be poised to take the Senate, are likely to push for greater use of alternative fuels, and depending on how legislation is structured, that could help or hurt U.S. auto makers. There may also be some movement on issues that have been stymied or ignored by Republicans, notably measures to curb climate change. However, both industry and environmental groups caution that margins in Congress remain so tight that the chances to make sweeping changes before the next presidential election are slim.

•Big Oil Loses Welcome Mat: After enjoying nearly unlimited access to Washington’s biggest power brokers over the past decade, Big Oil will find the welcome mat has been swept out from underneath them following major Democratic wins in midterm elections, MarketWatch’s Jasmina Kelemen writes.

•Total Profit Falls: French oil major Total said third-quarter net profit fell 34% as hydrocarbon prices eased back from earlier highs and the dollar fell against the euro. The world’s sixth-largest oil company by market value said net profit fell to 2.42 billion euros ($3.09 billion) from 3.65 billion euros a year ago.

•Total Sets Joslyn Price Tag: Total also said its Joslyn oil-sands project in Canada will cost about $12 billion to develop.

•Iberdrola Approaches Scottish Power: Spain’s No. 2 power company Iberdrola has approached the board of Scottish Power as a prelude to a possible offer, the latest in a frenzy of deal-making in the European energy sector.

•Manure Power: John Kimberlin of Waukee, Iowa, believes he has perfected a small-scale manure furnace that can be used on farms, or anywhere else livestock waste piles up, to produce heat and electricity. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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