Spain announced Friday a series of energy saving measures, including cuts to the speed limit and lower prices for train tickets, in response to the rise in world oil prices due to unrest in the Middle East. "The goal is to reduce the consumption of oil and gas to reduce our energy bill which has risen in recent days and which we do not forecast will drop," Deputy Prime Minister Alfredo Perez Rubalcaba told a news conference.
Earlier Friday, Brent North Sea crude for delivery in April rose 76 cents to $112.12 per barrel - the highest level since August 22, 2008 - before sliding lower as many traders took profits as supply worries persisted due to escalating violence in oil-rich Libya. Spain has one of the highest dependencies in the European Union on fossil fuels for its energy needs and the spike in oil prices has added to pressures on inflation and the country's trade deficit. Under the temporary measures which will come into effect on March 7.
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