Greece told to boost its strategic oil stocks

BRUSSELS (AP) – The European Commission yesterday warned Greece it could be fined if it does not increase its strategic oil stocks. «It’s more important than ever that we’re ready to confront threats to our oil supply,» said EU Energy Commissioner Loyola de Palacio. In the wake of the September 11 attacks on the USA, the EU’s executive commission wants the member-states to have secure energy stocks to ride out a crisis and to minimize the disruption of volatile oil prices. EU nations are now supposed to keep 90 days worth of strategic oil reserves and the Commission said Greece has frequently failed to stock up to that level over the last two years. The Commission next must file a complaint at the European Court of Justice. If Greece is found guilty, the court would impose a fine.