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Home Front: Economy
Europe to send emergency oil to U.S
2005-09-03
Europe will dip into its emergency stocks of gasoline to help the United States through an energy crisis triggered by Hurricane Katrina smashing into Gulf Coast refiners, EU governments said on Friday.

France, Germany, Spain and Italy declared they were ready to send fuel across the Atlantic in an operation coordinated by the West's energy watchdog, the International Energy Agency (IEA). The Paris-based IEA announced its members would release two million barrels per day (bpd) of oil over an initial period of 30 days. About half that will be gasoline from European refiners that will roughly match output lost from the Gulf Coast's battered refineries. The remainder will be crude from U.S. reserves. The IEA last dipped into its emergency reserves in 1991 when a U.S.-led coalition ejected Iraqi troops from Kuwait. The agency, created after the 1973-74 oil crisis to protect consumers, must hold stocks of 90 days of net imports.
Posted by:trailing wife

#7  It may be under the IEA, but it is European countries that are releasing stocks. Are countries with excess capacity, like Mexico and Venezuela, also releasing gasoline stocks?
Posted by: ed   2005-09-03 16:19  

#6  The article is a good example of how to weave a series of facts into an overall fiction. Bloomberg, generally the best the source of spin free reporting, reports the same thing without mentioning Europe. The whole point of the IEA is coordinated release of stocks by members in the event of a supply disruption.
Posted by: phil_b   2005-09-03 16:10  

#5  I don't think it's right to question the motives of people offering their help when you need it. Just had to say it.

I appreciate the europeans response and next time I see a tourist from a country that is offering their aid I'm buying them a drink.
Posted by: Damn_Proud_American   2005-09-03 10:11  

#4  I figure 1954, has that early Kodachrome look to it.
Posted by: Mona Gorilla   2005-09-03 10:09  

#3  Thanks for the info Phil.
That picture looks like it was taken around 1966 or 67. A pretty site at 22.9 per gallon heh.
Posted by: Jan   2005-09-03 03:35  

#2  Well I think the Euros don't want to see their economies go down the plug hole. If our Economy should falter they might as well pack it in as they are in wosre shap then we are in many ways. The what to seem to be doing something even if they are not. We are going to try and make a temporary 50% in energy consumption at out house. It's hard to justify high prices when demand falls off.
Posted by: Sock Puppet O´ Doom   2005-09-03 01:05  

#1  IEA members are obligated to do this by treaty if the IEA decides it is required. The IEA is not an European organization, its membership corresponds with the OECD. So making this out to be an act of European generosity is pure MSM spin.
Posted by: phil_b   2005-09-03 00:58  

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