Socialists blame Iraq war for oil price boom

12th August 2004, Comments 0 comments

12 August 2004, MADRID - The price of petrol would be far cheaper today if there had not been a war in Iraq, a report from Spain’s ruling Socialist (PSOE) party said on Thursday.

12 August 2004

MADRID - The price of petrol would be far cheaper today if there had not been a war in Iraq, a report from Spain’s ruling Socialist (PSOE) party said on Thursday.

And while the former Partido Popular (PP) government could not be blamed for the hike in oil prices, it had given "enthusiastic" support to the US-led invasion of Iraq, PSOE secretary general Diego López Garrido said.

Instead of paying more than USD 40 a barrel, the price would be around USD 28 or 29, according to the report , which Lopez Garrido said was supported by "solid information from economists and experts".

Apart from the "terrible consequences" in lost lives, the war in Iraq had destabilized the world economy by plunging a major oil producer into chaos.

The rise in oil prices threatened jobs and the Spanish economy, he added.

The government was looking to offset this with measures such as energy saving plans, encouragement for alternative energy supplies, and reforms for both agriculture and industry, he added.

[Copyright EFE with Expatica]

Subject: Spanish news

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