Former energy chief urges EU to pressure OPEC on oil prices

05/16/2013 | Bloomberg

The EU member states could alleviate rising fuel costs by acting as one to pressure the Organization of Petroleum Exporting Countries into lowering prices, said former U.S. Energy Secretary Bill Richardson. "What they can do is band together as consumer countries and jawbone OPEC, which they've always been reluctant to do," said Richardson, who is now a consultant for Apco Worldwide. The EU can also draw more investors to its energy sector by offering tax incentives instead of subsidies to renewable energy, Richardson said.

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