Europe makes crude available to US

Times:

BRITAIN was last night preparing to release 2.2 million barrels of oil after President Bush’s urgent plea for help for hurricane-stricken southern America to avert a global fuel crisis.

The intervention is the first time since the 1991 Gulf War that Britain and the other 25 member countries of the International Energy Agency (IEA) have made available emergency fuel supplies. The plea came after gasoline (petrol) shipping rates surged 50 per cent over the past two days and brokers said that rates were being revised every hour.

The IEA said that its members would release two million barrels of oil a day, for 30 days, to ease the shortfall in the United States. The barrels will be a mix of crude and refined oil. Britain’s contribution of 73,000 barrels a day compares with the 92,000 barrels offered by France, while Spain will release 70,000 barrels.

The IEA members’ offer of support does not include transportation of the oil, but is designed to add extra supply to the already stretched global gasoline levels.

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