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THE WALL STREET JOURNAL: Oil News Roundup: November 29, 2006 4:28 p.m.

Crude-oil futures rallied for a third straight session, climbing above $62 on the New York Mercantile Exchange on unexpected declines in inventories and forecasts of chilly weather heading toward the East Coast. Here is Wednesday’s roundup of oil and energy news:

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WAGONER’S PROMISE: The Greater Los Angeles Auto Show began with two days of media previews before opening to the public. General Motors CEO Rick Wagoner said the U.S. needs to reduce dependence on foreign energy and insisted the No. 1 auto maker is accelerating its efforts to meet the challenge by being the first to offer a plug-in hybrid and by expanding its production of biofuel vehicles.

•Toyota Presses for Hybrid Tax Breaks: Toyota North American President Jim Press urged Congress to extend federal tax credits for hybrid vehicles and accelerate its buying of hybrids and alternative fleet vehicles to help address energy concerns.

•Saudi Warning on Iraq: Nawaf Obaid, an adviser to the Saudi government, warns in a Washington Post op-ed piece that Saudi Arabia will take steps to protect Sunnis in Iraq, if need be, including dramatically increasing oil output to cut oil prices and hurt Iran’s economy.

•SCOTUS Takes up Global Warming: Frustrated by Bush administration inaction on global warming, states and environmentalists urged an apparently divided Supreme Court to declare greenhouse gases to be air pollutants that the government must regulate.

•Big Field Bigger Than Expected: EOG Resources said preliminary exploration shows the prolific Barnett Shale natural-gas field in North Texas extends much farther south than previously believed.

•Bolivian Senate OKs Nationalization: Bolivia’s Senate approved nationalization contracts with foreign oil companies during a hastily called session that ended early Wednesday morning.

•Auto-Show Drama: WSJ.com’s reporter’s notebook from the L.A. Auto Show includes an entry about hecklers demanding that Mr. Wagoner sign a pledge to make GM the most fuel-efficient auto maker by 2010. In another entry, Mr. Wagoner muses on Thomas Edison’s desire to power cars with electricity.

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