Oil Protests Spread Worldwide; EU Mulls Reserve Release
Dramatic trucker protests over fuel costs continued on three continents last week, as Europe considered tapping its own large oil reserves to help force prices down after President Clinton ordered a release from the U.S. Strategic Petroleum Reserve.
At the same time, leaders of individual countries as well as the European Union struggled to find much-needed relief for the pain at the pump, from releasing oil stocks to granting loans or lifting fuel taxes for truckers.
The International Energy Agency, a Paris-based organization that coordinates measures to meet oil supply emergencies among its 25 member countries, announced it would meet Oct. 4 to discuss the oil market and possible release of European reserves. An IEA official told the Associated Press Sept. 27 the agency did not see a need for a collective release from EU reserves, which it estimated at 1.069 billion barrels.
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