IEA Head Says US Gasoline Crisis Could Spread Worldwide

The head of the International Energy Agency warned Friday that a severe gasoline (petrol) shortage in the United States, if it should occur in the aftermath of Hurricane Katrina, would likely spread rapidly worldwide.

The oil market even in normal times “is … very fluid across the Atlantic and when there is a crisis in the United States, prices rise on the US market and that leads to more oil companies selling in the United States than in Europe,” Claude Mandil said in an interview with French newspaper La Croix.

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