[Peakoil-announce] Katrina impact: "We have entered the post-oil era, "

[Alex P]

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"We have entered the post-oil era," Prime Minister Dominique de
Villepin told a news conference.
 
http://news.yahoo.com/s/nm/20050901/us_nm/markets_oil_dc&printer=1
 
Gas higher as U.S. scrambles for fuel

By Janet McBrideThu Sep 1, 1:08 PM ET

Gasoline rode high at over $100 a barrel on Thursday as the United
States scrambled to replace fuel supplies lost when Hurricane Katrina
slammed into Gulf of Mexico rigs and refiners.

President George W Bush told Americans he expected close ally Saudi
Arabia to do "everything it can" to provide the United States with
more oil and said there would be zero tolerance of price gouging at
the gasoline pump.

But Europe was unnerved by how ill-prepared the world's biggest
economy was for Hurricane Katrina's rampage.

The U.S. holds plenty of crude in its strategic stockpile and has
offered to loan some of it to refiners, but the gesture does nothing
to address an immediate shortage of gasoline. European operators
dashed to charter ships to the U.S. coast.

White House economic adviser Ben Bernanke predicted gasoline prices
would go higher then drop when supplies are restored.

"Hurricane Katrina has been an eye opener, highlighting the inadequacy
of the global refining system," said Merrill Lynch.

The European Commission said it wanted to revive a plan to coordinate
EU oil stocks. In Germany, election challenger Angela Merkel said she
could envisage tapping German oil reserves, but her comments were
smartly rebuffed by the government.

France announced it would give financial aid to millions of families
to help them cope with sky-high oil prices, and promised to boost
renewable energy.

"We have entered the post-oil era," Prime Minister Dominique de
Villepin told a news conference.

The European Central Bank raised its inflation forecasts for this year
and next, noting soaring oil prices were pushing up the cost of goods
and services...



Alex
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