Calls for greater energy efficiency as oil prices soar

Sun 30 May 2004 View all news

As oil prices peaked at around $42 in May against a backdrop of strong oil demand and security concerns, the European Commission called for oil consuming countries to "use their muscle to curb escalating demand by introducing energy-saving measures and targets".

EU Commissioner for Energy and Transport, Loyola de Palacio, told the International Energy Forum in Amsterdam said: "Oil price movements over the last months have provided a new wake-up call: it is not possible to separate domestic policies from their international implications and we must intensify cooperation between producers and consumers."

Meanwhile, there is evidence that 'new energy' funds, focusing on non-fossil energy sources have been the beneficiaries of rising oil prices. Merrill Lynch International's New Energy Fund, for example, has increased in value by nearly 50% over the past year.

Related Links

EU Press Release
Daily Telegraph article on 'new energy' funds

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