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Oil Prices Surge On Inventories
1Near-month crude rose $1.37 to $53.05 a barrel, the most since late Oct.'s records. The Energy Dept. said U.S. crude and gasoline stockpiles rose last week; distillates fell for a 6th week. The private API report said crude stocks rose by even more, distillates fell less, but gasoline dived. That, and refinery problems, sent gasoline futures surging to record levels. More on B13
Greenspan Urges Reforms Now
2The Fed chief told Congress that Social Security reform should come "sooner rather than later" and again touted personal accounts. Alan Greenspan said he sees "reasonably good" economic growth for now. He said there are few signs foreigners are dumping dollars. Eschewing big tax hikes, he favors spending curbs to cut budget deficits, which he says pose long-term risks.
Bush Plans Social Security Push
3President Bush, VP Dick Cheney, Treasury Sec'y John Snow and others plan 60 stops across the U.S. in 60 days to drum up public support for Social Security reform, including personal accounts and smaller benefit hikes. Polls have shown weak support for Bush's ideas, and key GOP lawmakers are skittish as both sides mount campaign-style efforts. Related story on this page
Jittery Day Sends Stocks Lower