Europe To Tap Oil/Gas Reserves To Aid US

A hell of a gesture, and appreciated:

Europe will dip into its emergency reserves of gasoline to help the United States through an energy crisis that began when Hurricane Katrina smashed into Gulf coast refiners, EU governments said on Friday.

Spain and Germany said they were ready and able to send fuel across the Atlantic in an operation coordinated by the West's energy watchdog, the International Energy Agency. The United States confirmed it had requested assistance.

...

"It's self-evident that we support the American bid," German Chancellor Gerhard Schroeder told a news conference in Berlin.

He expected a massive two million barrels per day of oil to be shipped over the next month -- more or less offsetting lost output from the Gulf coast's battered refineries.

I don't know what he means by "bid," either. Either way, it's his actions that count.

Gas Spikes Over $3, With Shortages In Midwest And On East Coast: It's Mad Max Days lately -- many gas stations just don't have any guzzoline.

Very bad for the economy. Europe is acting both generously and enlightenedly self-interested in trying to reduce the shortages. But let's focus on the "generous" part.

posted by Ace at 01:16 PM

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