21-04-06
French Industry Minister Francois Loos called on
large energy consuming countries to reduce their oil demand and increase their
energy efficiency to help bring down record high oil prices. Loos also urged the
European Commission to publish data on the region's oil stocks on a weekly
basis, as in the United States, to end speculation in the oil markets.
"It's important that all large consumers like France, the United States and
Japan increase their energy efficiency to bring down consumption," Loos told.
"Tensions and risks are a reality. Today the tension in the market needs to be
reduced. Production is sufficient, we have to reduce consumption," he added.
London Brent crude oil futures hit a new high of $ 74.22 a barrel, boosted
after the US reported falling gasoline stocks and as concern mounts over Iran's
nuclear row with the West.
"I am asking the European Commission to publish a global number for our stocks,
which will dissuade speculators who want to continue to push up prices," Loos
said.
France's annual energy bill in 2005 soared 35 % to EUR 38.3 bn ($ 47.29 bn)
in spite of steady consumption at 276.5 mm tons of oil equivalent, up 0.3 % from
2004. Demand for oil dropped 0.9 % to 92.08 mm tons, electricity was up 0.2 % to
117.48 mm toe, while both gas and coal were up respectively 1.9 % to 40.88 mm
toe and 4.3 % to 13.54 mm toe due to demand for power generation.
But Loos said that France was on track on its goal to raise its energy
efficiency or its energy intensity, the amount of energy needed to add value to
gross domestic product (GDP).
France lowered its energy intensity last year by 0.2 percentage point to
minus 1.6 %, making it the eight most energy efficient country in the OECD.
"Our energy intensity dropped to -1.6 %, which is excellent. It's in everyone's
interest to take a better attitude," Loos said. But in 2005, French energy
independence dropped for the first time since 1981 to below half of its energy
needs to 49.8 %.
Since the oil price shocks in the1970s France has increased its energy
independence by becoming the world's second largest nuclear power producer,
behind the United States, by building 58 reactors to provide 78 % of power
production.
Source: xtramsn.co.nz