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EU Oettinger Won't Rule Out Opening Oil Reserves In Iran Dispute

ESSEN, Germany -(Dow Jones) -- The European Union is working on plans to ensure security of energy supply--including opening member states' strategic oil reserves--if deliveries from Iran were to suddenly cease amid an ongoing dispute over the country's nuclear weapons program, said the EU's energy chief Guenther Oettinger at an industry conference here Monday.

We are working on plans that would help us ensure security of supply, if Iran were to stop delivering oil before the EU embargo against the country kicks in July," said Oettinger.

Asked if these plans also include tapping emergency stocks, Oettinger said that such a move couldn't be ruled out.

However, he also said that the EU believes that any supply disruptions could also be mitigated by channeling oil through the EU's existing pipeline network

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Submitted Feb 06, 2012 By: johntxx

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VomVom Champion Author Calgary Posts:2,438 Points:1,288,630 Joined:May 2007	Message Posted: Feb 6, 2012 6:37:55 PM Ignore VomVom Report Abuse The EU strategic oil reserve has 120 days of supply for the member countries. Is that enough?
Eliano Champion Author Baltimore Posts:1,396 Points:271,425 Joined:Jun 2011	Message Posted: Feb 6, 2012 5:44:05 PM Ignore Eliano Report Abuse well, time will show
johntxx All-Star Author Texas Posts:673 Points:252,000 Joined:Aug 2011	Message Posted: Feb 6, 2012 7:07:06 AM Ignore johntxx Report Abuse Obama look foolish? Have you seen him without his teleprompter? Obama speaks impromptu (without TelePrompter's) :-) [Edited by: johntxx at 2/6/2012 10:11:41 AM EST]
wildddkattt80 Champion Author Phoenix Posts:1,508 Points:277,495 Joined:Jun 2011	Message Posted: Feb 6, 2012 6:30:21 AM Ignore wildddkattt80 Report Abuse ok
Buckeyee Champion Author Maine Posts:2,402 Points:553,655 Joined:May 2010	Message Posted: Feb 6, 2012 6:28:35 AM Ignore Buckeyee Report Abuse Hope europe doesn't fool the federal gov again, last time Obama ordered the release of oil from the nations oil reserves. Then europe reneged on their release of oil and Obama looked foolish.
northeast2 Champion Author New York Posts:3,156 Points:849,845 Joined:Mar 2008	Message Posted: Feb 6, 2012 6:20:02 AM Ignore northeast2 Report Abuse Glad that Europe is finally getting behind the sanctions. Now India and China need to join up. A nuclear Iran threatens them, too.