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* The Energy Department completed deals with nine companies during the weekend for the release of 23 million barrels of oil from the government’s reserve, and the first crude began flowing to distributors. But two bidders tentatively awarded 7 million barrels failed to provide the necessary financial guarantees. As a result, the government will solicit new bids for the oil today, delaying its release, officials said.
* San Francisco Federal Reserve Bank President Robert Parry is scheduled to give the keynote address, “California and the Nation: A Monetary Policymaker’s Perspective” at the Milken Institute’s yearly State of the State conference Wednesday in Santa Monica.
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