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World Governments Pledge to Release International Oil Reserves

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posted on Sep, 5 2005 @ 07:51 AM
Preventing a global oil shock. The US dollar is falling while oil prices dropped more than a dollar a barrel on the release of international reserves. It is believed Katrina could lead to a worldwide energy crisis, since damage to US refineries will lead to a big increase in US purchases of European gasoline.

Ireland On-line

The governments of 26 countries have agreed to release the equivalent of two million barrels of oil per day from strategic reserves to cope with the aftermath of Hurricane Katrina, the International Energy Agency said.

France said it had agreed to contribute the equivalent of 92,000 barrels of oil per day in refined products – mainly petrol – and Spain said it will release 70,000 barrels of oil equivalent per day. The German Economy Ministry said the country would contribute about 6% of the total. That would be about 120,000 barrels a day. Britain said it plans to release 73,000 barrels of oil a day for the next 30 days. Portugal also said it would support the IEA plan.

The Paris-based IEA said its member countries ”unanimously support” the measures, which will take effect for an initial period of 30 days.

Please visit the link provided for the complete story.

Industrialized nations arranged by Monday to ship about 30 tankers of gasoline to the U.S.

Katrina continues on, only this time she is an oil shortage superstorm.

[edit on 5-9-2005 by Regenmacher]

[edit on 10-9-2005 by DJDOHBOY]

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