04/06/2004 (Agence Europe) - Pascal Lamy, Trade Commissioner, urged in Paris, on Thursday, that the EU should avail itself of a vast strategic reserve of oil in common in order to face the rise in oil prices, and above all to counter speculation on oil markets. The Commission considers it would be a "good thing" to create this kind of pooled reserve as the EU could then "have a short term influence on prices in certain conditions", Mr Lamy said, cited by AFP. The Commission has therefore put this proposal forward but Member States are against the idea, the Commissioner said. Community legislation stipulates that each member country must have a national stock of oil for at least 90 days' consumption. (See yesterday's EUROPE, p.9, for Ms de Palacio's reaction).