To the Last Drop

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Some frustrated politicians have tried to use the crisis to go on a populist offensive against the oil industry. Klimmt blamed the crisis on "the greed of the oil companies," while Schrder bitterly charged German companies with price fixing after Shell, amid last week's protests, raised the cost of a liter of gasoline by 1.3. And yet E.U. governments know they have little chance of bringing down the cost of motor fuels without OPEC's cooperation to boost production. The Continent's transport ministers rejected a French proposal to call for an early meeting of E.U., U.S. and OPEC to discuss high oil prices — but they were not above issuing a plea to the cartel to lower the cost of crude. They recommended that the E.U. "ask OPEC to introduce measures to supply the market in a manner better suited to consumer demand."

The Clinton administration's decision to dip into the U.S. petroleum reserves may nudge prices down in the short term, but even that won't stem the mounting public outrage over fuel costs. And as long as antitax protests continue to inflict political damage on Europe's politicians, discussions about more sustainable energy policies will remain on the shelf. Heidi Hautala, co-leader of the Greens in the European Parliament, pointed out last week that reducing fuel levies now will only compound Europe's looming energy crunch. "It would be like reducing the price of heroin on the drugs market," she said. "This is not a mistake we should make now." But the howls of discontent drown out such warnings. Among politicians as much as voters these days, forward thinking — like fuel itself — is in short supply.

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