News Briefs - Feb. 26

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The Latest Headlines:

• Inventory Reports Send Crude to 12-Year High
• Canada Revises Transportation Regulations
• Ritchie Bros. Auctioneers Post Improved 2002

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Inventory Reports Send Crude to 12-Year High

Two reports on U.S. inventories of crude oil and petroleum products sent the price of oil up more than 5%, to levels not seen since Iraq's 1990 occupation of Kuwait, in trading Wednesday afternoon on the New York Mercantile Exchange, Bloomberg said.

Inventories of crude oil fell 1 million barrels to 271.9 million in the week ended Feb. 21, the Department of Energy said, down 14% from the same point last year. Distillate supplies, which include diesel fuel and home heating oil, fell to 99.1 million barrels, falling below 100 million for first time since May 2000.

The American Petroleum Institute, a private industry group, said that inventories of crude oil were 271.3 million barrels – down 47.4 million from the same point last year. Distillate inventories fell to 103.8 million barrels, 32.9 million lower than the same point last year.

The reports of lower inventories pushed the price of oil for April delivery up $1.89 a barrel to $37.95, Bloomberg said (Click here for related coverage.), the highest price Oct. 17, 1990. Transport Topics

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Canada Revises Transportation Regulations

Canada unveiled changes in its transportation regulations Tuesday, the Wall Street Journal reported, giving the government broader authority to review merger proposals among several reforms.

Included in the package, which the government hailed as the most significant shake up in 50 years, are measures to promote the use of fuel-efficient vehicles and reduce congestion and speeding traffic flows at land border crossings into the United States, the Journal said.

The plan would also force airlines to post more complete fares in their advertising and would give the government greater powers to block rail mergers, the paper said. Transport Topics

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Ritchie Bros. Auctioneers Post Improved 2002

Ritchie Bros. Auctioneers Inc. said Wednesday that during 2002 it had net earnings of $28.4 million or $1.68 a share, up from the $20.1 million or $1.19 a share the company earned in 2001.

The Vancouver, British Columbia-based company conducts auctions of transportation, construction and other industrial equipment.

For just the fourth quarter, the company earned $11.1 million or 66 cents per share.

Overall in 2002, the company had auction sales of $1.38 billion, up 7% from the $1.29 billion in reported in 2001. Transport Topics

(Click here for the full press release.)

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