France: Prices at the pump reach new highs
Soaring fuel prices prompt extreme measures
As fuel prices hit record highs throughout the country, France has joined in talks with the United Stated and Britain to conjure up a strategic plan of action. According to French Ministers, one approach is to tap into emergency reserves to reduce the exorbitant costs.
French President Nicolas Sarkozy and the French Energy Minister, Eric Besson, are reportedly exploring every possible option. One of which, according to ‘Blog du Monde’, is the government’s plan to follow the United States and Britain and release its reserve oil stocks. This strategy hopes to prevent fuel prices choking economic growth.
Such a release could take place “in a matter of weeks” reported national newspaper Le Monde.
The French budget Minister and government spokeswoman, Valerie Pecresse, said that “right now, France is consulting with IEA over drawing down on strategic stocks.”
Although it was the United States who initiated the plan first, “France has welcomed the hypothesis” during a period of astronomically high oil prices.
Earlier this month, British Prime Minister David Cameron and US President Barack Obama raised the idea of tapping into emergency oil reserves during a meeting at the White House. However, a final decision is yet to be made.
Fuel prices have hit record highs this year in France, prompting intense debates between presidential candidates in the run up to the national elections.