Protests Continue In Europe Over High Oil Prices
As the worldwide crisis in oil prices continued last week, Europe was again plagued by protest blockades of fuel supplies and ports, the region’s leaders squabbled with each other over price-relief measures and France called for talks between oil-consuming nations and the Organization of Petroleum Exporting Countries to ease prices.
Europe’s financial markets were hard hit as well, as the euro currency again reached record lows against the U.S. dollar on concern that European economies were running out of steam.
Although the previous week’s crippling trucker blockades of British fuel depots ended under a temporary truce and protests in Germany ebbed, last week saw a new round of price increases in world oil markets and fresh protests in Ireland, Spain, Israel and elsewhere.
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The decline of one of the world’s major currencies in turn posed a risk to global economic health, prompting top officials of the International Monetary Fund to suggest that the Group of Seven major industrial nations consider currency-market intervention to boost the euro’s value, news services reported. The G7 finance ministers were slated to meet Sept. 23 in Prague.
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