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The Wall Street Journal: Oil News Roundup: August 1, 2006 9:10 p.m.

THE WALL STREET JOURNAL ONLINE
August 1, 2006 9:10 p.m.

Crude-oil futures rose again Tuesday, settling at nearly $75 a barrel on the New York Mercantile Exchange, as supply-disruption worries continued to dominate trading, fueled in part by continuing violence in the Middle East and a tropical storm in the Caribbean. Here is Tuesday’s roundup of energy-related news:

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ADM’S ETHANOL BOUNTY: Archer-Daniels-Midland Co., the nation’s largest maker of ethanol, said net income doubled during the fourth quarter. Although the Decatur, Ill., processor of corn and soybeans generates a relatively small part of its revenues from making corn-derived ethanol fuel, soaring demand and strong prices for the product has turned it into a big source of new profits. ADM said today that its Bioproducts business — which is mostly ethanol — generated an operating profit of $174.0 million, up from $25.2 million.

•Drilling Split: The Senate approved legislation that would open 8.3 million acres in the Gulf of Mexico to oil and gas exploration, splitting with the House over the scope of new drilling and casting final passage into doubt, Washington Wire reports.

•Yukos Bankrupt: A Moscow judge declared OAO Yukos bankrupt, paving the way for the liquidation of what was once Russia’s biggest oil producer.

•Total Worries About China: Draft rules for China’s domestic oil trade are prompting concern about whether the country will make good on a commitment to open the sector to foreign companies this year, executives at French energy company Total SA said.

•Nigeria Wants to go Nuclear: Nigeria’s president has pledged his oil-rich but infrastructure-poor West African nation will build a nuclear power plant within 12 years.

•Blair and Schwarzenegger on Warming: British Prime Minister Tony Blair and California Gov. Arnold Schwarzenegger announced an agreement Monday to bypass the Bush administration and work together to explore ways to fight global warming.

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