EC discusses high oil price plans

EC discusses high oil price plans    The European Commission Tuesday discussed plans to deal with the current high oil prices.
   Energy commissioner Andris Piebalgs presented a five-point plan with focus on reducing demand for energy, using alternative energy sources and increasing reliance on other forms of energy.
   “Europe leads the world in providing an intelligent, coherent and environmentally sound response to this challenge. However, given current prices and the negative effect that this is having on EU citizens, we need to redouble our efforts,” Piebalgs said.
   The EC said reducing demand and shifting towards alternative and cleaner sources of energy remained its priority, but admitted the situation requires a global increase in the supply of oil and gas and more refining capacity.
   The EC also called for a more effective reaction to emergency situations with respect to oil stocks. Under current EU law all member states must retain emergency oil stocks equivalent to 90 days normal consumption. Piebalgs called for greater coordination of oil stocks at community level.