Imagine a protest of this magnitude over gun rights. Interesting how Blair is getting powers broadened to deal with the situation.
Shell, Esso’s U.K. pumps running dry
Petrol stations expected to be dry by end of Tuesday
By Barbara Kollmeyer, FTMarketWatch 8:08:00 PM BST Sep 12, 2000
LONDON (FTMW) – U.K. oil group Shell [UK: SHEL] said nearly all of its petrol stations in Britain are out of fuel and Exxon Mobil’s [XOM] Esso said half of its stations were dry by late on Tuesday. Regional market
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The statement came on the heels of a growing fuel crisis, brought about by protests from farmers and hauliers in the country against rising taxes on fuel.
The protesters have blocked supplies leaving refineries and distribution centres.
Blair defiant
British Prime Minister Tony Blair said he would not give in to the protesters demands for lower taxes. Blair called on the oil companies to break the blockades with the help of police.
“Legitimate protest is one thing. Trying to bring the country to a halt is another. There can be no justification for it,” Blair told a news conference late on Tuesday.
Blair he expected the situation to be back towards normal within 24 hours. See MarketPulse.
Earlier the government said it’s cleared the way for contingency powers that would allow it to keep fuel supplies moving if a crisis develops. See FT.com story
Shell stations run dry
Shell’s press officer earlier in the day said 620 of its 1,100 petrol stations were out of fuel, or are about to run dry. That figure was bumped up to 1,070 stations that now have no petrol by late afternoon Tuesday.
Esso, a unit of Exxon, [XOM] said about half of its U.K. petrol stations were “unable to sell certain grades of fuel,” according to a company spokesman.
Esso also said some of its distribution centres are still being blocked by trucks.
Crude choppy
Meanwhile, crude prices climbed in London, amid concern that the weekend decision by OPEC to increase oil production by 800,000 barrels a day won’t be enough to ease the pressure on oil prices. Prices later fell in London. See full story
As for oil stocks, Goldman Sachs upgraded its share price targets and earnings forecasts on a host of European oil majors Tuesday, including Shell, Royal Dutch/Shell [US: RD] and ENI [EN]. See Market Pulse
The fuel crisis and the rising cost of oil may be casting a shadow on the European economy. In currency markets, Britain wasn’t getting a break either, with the pound dipping below $1.40 for the first time in 14 years. And in Europe, where some cities are also experiencing petrol woes, the euro hit two record lows earlier Tuesday.
Bumper to bumper
In London early Tuesday, cars were snaking around the street corners as drivers queued to get the dwindling petrol supplies.
Pressure against high petrol taxes began on August 1 with the “Dump the Pumps” campaign, started by a consumer pressure group under the same name. The group tried to persuade motorists to boycott stations in protest at the high cost of fuel.
The average cost of a liter of petrol in the U.K., around 80 pence, is comprised of more than 80 percent taxation.
A couple of tabloid newspapers in Britain picked up the theme, and have been running regular articles highlighting the problem. Calling it the “Great Petrol Revolt 2000,” the Sun newspaper, one of Britain’s best-known tabloid, on Tuesday invited readers to e-mail in with their opinions of the petrol crisis.
“Tony Blair (U.K. prime minister) has finally lost the plot,” fumed one Sun reader, Carolyn Harlow. “Doesn’t he realize that this fuel price protest is not just a few lorry drivers venting their frustration, it is the whole U.K. motoring population saying enough is enough.”
Barbara Kollmeyer is a reporter for FTMarketWatch.
(Tisk, tisk, that's what they get for electing an arrogant neofascist like Blair. Now they know what the gunowners felt like.)
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[This message has been edited by Contender (edited September 12, 2000).]
Shell, Esso’s U.K. pumps running dry
Petrol stations expected to be dry by end of Tuesday
By Barbara Kollmeyer, FTMarketWatch 8:08:00 PM BST Sep 12, 2000
LONDON (FTMW) – U.K. oil group Shell [UK: SHEL] said nearly all of its petrol stations in Britain are out of fuel and Exxon Mobil’s [XOM] Esso said half of its stations were dry by late on Tuesday. Regional market
coverage
MarketPulse
News Alerts
Europe
Asia/Pacific
Americas
Currencies
The statement came on the heels of a growing fuel crisis, brought about by protests from farmers and hauliers in the country against rising taxes on fuel.
The protesters have blocked supplies leaving refineries and distribution centres.
Blair defiant
British Prime Minister Tony Blair said he would not give in to the protesters demands for lower taxes. Blair called on the oil companies to break the blockades with the help of police.
“Legitimate protest is one thing. Trying to bring the country to a halt is another. There can be no justification for it,” Blair told a news conference late on Tuesday.
Blair he expected the situation to be back towards normal within 24 hours. See MarketPulse.
Earlier the government said it’s cleared the way for contingency powers that would allow it to keep fuel supplies moving if a crisis develops. See FT.com story
Shell stations run dry
Shell’s press officer earlier in the day said 620 of its 1,100 petrol stations were out of fuel, or are about to run dry. That figure was bumped up to 1,070 stations that now have no petrol by late afternoon Tuesday.
Esso, a unit of Exxon, [XOM] said about half of its U.K. petrol stations were “unable to sell certain grades of fuel,” according to a company spokesman.
Esso also said some of its distribution centres are still being blocked by trucks.
Crude choppy
Meanwhile, crude prices climbed in London, amid concern that the weekend decision by OPEC to increase oil production by 800,000 barrels a day won’t be enough to ease the pressure on oil prices. Prices later fell in London. See full story
As for oil stocks, Goldman Sachs upgraded its share price targets and earnings forecasts on a host of European oil majors Tuesday, including Shell, Royal Dutch/Shell [US: RD] and ENI [EN]. See Market Pulse
The fuel crisis and the rising cost of oil may be casting a shadow on the European economy. In currency markets, Britain wasn’t getting a break either, with the pound dipping below $1.40 for the first time in 14 years. And in Europe, where some cities are also experiencing petrol woes, the euro hit two record lows earlier Tuesday.
Bumper to bumper
In London early Tuesday, cars were snaking around the street corners as drivers queued to get the dwindling petrol supplies.
Pressure against high petrol taxes began on August 1 with the “Dump the Pumps” campaign, started by a consumer pressure group under the same name. The group tried to persuade motorists to boycott stations in protest at the high cost of fuel.
The average cost of a liter of petrol in the U.K., around 80 pence, is comprised of more than 80 percent taxation.
A couple of tabloid newspapers in Britain picked up the theme, and have been running regular articles highlighting the problem. Calling it the “Great Petrol Revolt 2000,” the Sun newspaper, one of Britain’s best-known tabloid, on Tuesday invited readers to e-mail in with their opinions of the petrol crisis.
“Tony Blair (U.K. prime minister) has finally lost the plot,” fumed one Sun reader, Carolyn Harlow. “Doesn’t he realize that this fuel price protest is not just a few lorry drivers venting their frustration, it is the whole U.K. motoring population saying enough is enough.”
Barbara Kollmeyer is a reporter for FTMarketWatch.
(Tisk, tisk, that's what they get for electing an arrogant neofascist like Blair. Now they know what the gunowners felt like.)
|
[This message has been edited by Contender (edited September 12, 2000).]