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AP Financial News Summary at 2:31 a.m. EDT

September 1, 2005

Bush Releases Oil From Petroleum Reserve

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WASHINGTON (AP) _ President Bush raised the possibility Wednesday that Hurricane Katrina will lead to even higher gasoline prices and shortages in some areas, even as his administration moved to release oil from an emergency government stockpile and to temporarily ease pollution standards on gasoline and diesel fuel.

Oil Prices Dip as Bush Taps Into Reserves

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SINGAPORE (AP) _ Crude oil prices dipped Thursday after the Bush administration’s decision to tap U.S. strategic reserves to help companies hurt by Hurricane Katrina, but gasoline futures jumped 3 percent because of worries about storm damage to refineries in the Gulf of Mexico.

Airlines May Face Possible Fuel Shortages

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ATLANTA (AP) _ With the airports in New Orleans and Gulfport, Miss., closed to commercial traffic, airlines that serve the popular destinations face a loss of business while dealing with potential fuel shortages.

Japanese Stocks Advance; Dollar Down

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TOKYO (AP) _ Japanese stocks made a broadly-based advance Thursday morning, with technology and bank shares rising in the wake of gains overnight in New York. The U.S. dollar was lower against the yen.

Dow Ends Up 69 on Philadelphia Fed Plan

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NEW YORK (AP) _ Stocks climbed in a seesaw session Wednesday, rising after the president of the Philadelphia Federal Reserve signaled the central bank could change its interest rate policy in the aftermath of Hurricane Katrina.

Katrina Sparks Jump in Retail Gas Prices

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Service station manager Randy Schuette is getting quite a workout changing the gasoline prices on his station’s large sign.

U.S., China Fail to Reach Trade Agreement

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BEIJING (AP) _ A second round of negotiations between China and the United States aimed at resolving a dispute over textile trade broke down Thursday, said a statement from the U.S. Embassy.

Carnival: Feds Ask About Using Ships

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MIAMI (AP) _ Carnival Cruise Lines said Wednesday the federal government has asked whether its cruise ships could be used as emergency shelters or help Hurricane Katrina relief efforts in some other way.

Boeing Braces for Possible Strike

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SEATTLE (AP) _ Boeing Co. braced Wednesday for a possible strike at its commercial airplane operations after leaders of more than 18,000 Machinists advised workers to reject a final contract offer they deemed ``insulting.″

Japanese Tariffs on U.S. Steel Take Effect

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TOKYO (AP) _ Japanese tariffs on U.S. steel imports took effect Thursday as part of Tokyo’s battle against American steel industry protection measures.

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