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Rising Oil Prices Spark Strikes in Spain and a Saudi Call to Meet

| Monday June 9th, 2008 | 1 Comment

*Photo Courtesy: EPA/Robin Townsend
A week or so ago it was fishermen and seafood supplies, now its food supplies in general, as well as fuel, a bevy of other products and traffic flow that’s being disrupted in Spain as truckers have gone on strike in protest of rapidly rising fuel prices.
Truckers blocked principal routes into major cities around Spain this morning and are refusing to transport food, fuel and a range of other supplies, including new cars, as a call for an indefinite national strike begins its third day. With news reports fanning concerns people are beginning to horde fish, meat and other foodstuffs.
Mounting price pressures and the growing number of protests and demonstrations in developing and developed countries around the world has led Saudi Arabia’s cabinet to call for an international meeting of oil producers and consumers.

Oil Price Rise, Growing Protests Lead to Call for International Action
Joining fishers in a protest over rising gasoline and fuel prices, truckers are calling for the Spanish government to reduce fuel taxes, something government representatives are refusing to do.
Farmers in Catalunya have joined in the protest, disrupting traffic in the northeastern province. Organizers said that the strike might grow to involve up to 300,000 vehicles.
Meanwhile, with oil prices spiking again last week and now pushing $140/barrel, the Saudi Arabian cabinet called on Saudi Oil minister Ali al Naimi to convene a meeting between representatives from oil producing and consuming countries to discuss the situation and try to come up with some form of cooperative action to arrest what a government official called “unwarranted and unnatural price hikes.”
Saudi Information and Culture minister Iyad Madani, in a statement following today’s weekly Cabinet meeting, said the current oil price was unjustified and that Saudi Arabia will work to control “unwarranted and unnatural” price hikes, according to a news report.
The cabinet reiterated that Saudi Arabiaits policy is to work with OPEC and
other oil producers to ensure adequate supplies to oil markets.
Saudi Arabia this month is increasing production 300,000 barrels-per-day to 9.45 million bpd, al Naimi reported last month. “The Kingdom as a main producer realised that the oil market has sufficient supply of petroleum and an increasing commercial inventory,” the Saudi cabinet said in the statement.

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  • Boxer 44

    What exactly are they protesting? The law of supply and demand?
    Looks like they should invest in some Trailer Tails