MADRID — Spain will lower highway speed limits, cut train ticket prices and use more bio fuel under an emergency energy-saving initiative because of soaring oil prices brought on by unrest in Libya, an official said Friday.
The Libya rebellion has sharply reduced exports from the oil-rich nation, and about 13 percent of the oil Spain consumes comes from Libya.
Deputy Prime Minister Alfredo Perez Rubalcaba said Spain’s energy supply is not in danger, but the national energy bill will rise significantly because of sharply higher petroleum prices. He said a $1.37 per barrel increase in oil prices will cost Spain an extra $690 million a month.
Spain’s energy-saving measures will probably be approved formally next week and take effect on a temporary basis March 7. The maximum speed limit on Spanish highways is 75 mph but would come down to 68 mph. The Associated Press
