EU Decides Against Tapping Oil Stockpile Despite Price Protests

Truckers continued to disrupt traffic with fuel protests in several nations last week, while the European Union and the International Energy Agency continued to search for ways to deal with high fuel costs.

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Europe was again a hot spot for truckers’ fuel protests, with Spain, Italy and Romania among several countries enduring blockades of roads and ports. Across the Atlantic, Argentine drivers won some price relief after staging a four-day strike.

The European Union decided Sept. 29 not to follow the United States lead and tap into its strategic oil reserves. The EU also decided not to cut fuel taxes in member countries. Rather, it called for discussions with the oil-producing nations.

However, one analyst told Bloomberg News that he viewed the EU decision as a “not right now” move, and thought the EU might later release some reserves to counteract any winter shortages.

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