Spain’s Speed Restriction to be Scrapped
June 28th, 2011
From 1st of July, the maximum speed will return to 120 km/h. This was decided on Friday by the Council of Ministers, four months after the Board approved the reduction of the speed limit to 110 km/h to help cut fuel consumption because of rising oil prices. Vice President Alfredo Perez Rubalcaba said that the measure has saved 450 million euros. The cost of changing all the road signs again is estimated to be around 230,000 euros.
Rubalcaba reminded that the Government had previously announced that the move to reduce the speed limit was a provisional one. When initiated, on March 7, a barrel of oil was around $115 and everything indicated that the price would continue to rise. In fact, it reached $126 in April. The situation, argued the vice president, has now changed, but he acknowledged that the measure adopted on Friday had generated a heated debate in the Council of Ministers.
Cinco Dias reported that the price of oil was trading at $105 on Friday and has fallen 9% since Thursday, when the International Energy Agency announced it would market 60 million barrels in the next 30 days to counter the refusal of OPEC to increase production to alleviate the lack of supply from Libya and curb rising oil prices.
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