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PARIS, Sept. 2 (Xinhuanet) -- The International Energy Agency (IEA)warned
Friday that a gasoline supply crisis in the United States, if it should occur in
the aftermath of Hurricane Katrina, would belikely spread rapidly worldwide.
The oil market 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 sellingin the United States than in Europe," said
IEA's head Claude Mandil in an interview with French newspaper La Croix.
"There is no doubt that if in the aftermath of Hurricane Katrina a gasoline
crisis occurs it will spread very rapidly at the world level," he added.
As to a possible use of strategic supplies of other member countries of the
26-member IEA, he said that the Paris-based agency would "carry out its mission,
which is to make strategic supplies available to the market if the cut in supply
is serious."
"If there is a shortage of gasoline and domestic fuel, the strategic reserves
being essentially in Europe, they will be drawn on -- but for the whole
world," he said.
According to US government data, Hurricane Katrina has
shut down an estimated 90 percent of crude production and 79 percent of natural
gas output in the Gulf of Mexico, which accounts for a quarter of the total US
oil output. Enditem |