The Bush administration gave energy companies steep discounts in the royalties they will be required to pay as it established the groundwork Monday for commercial oil shale development on federal land.

More oil output reductions aren't likely this month because OPEC members haven't yet fully enforced previous quotas and the organization needs more data before it reaches a decision.

Oil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated just how far the nation?s housing market has fallen.