One of the most prestigious events in the international oil and gas industry, the World Petroleum Congress (WPC), is opening in Madrid this weekend. It comes at a time when Spain's economy is suffering from the record oil prices that show few signs of cooling. Under the motto, “A world in transition: delivering energy for sustainable growth,” the Congress - often referred to as the Olympics of the oil industry - is expected to attract more than 4,000 delegates from 60 countries. Delegates will include energy ministers and key decision-makers from the largest oil companies, such as BP, Royal Dutch Shell, Exxon Mobil and Gazprom. “We are a unique forum, because our membership represents over 95 percent of the world oil and gas production,” Dr Pierce Riemer, WPC's director general, told the BBC. “Madrid will be our largest event ever. Oil prices will be a focus, but also climate change, water and young people.” Jorge Segrelles, president of the Spanish organizing committee, said: “Madrid should be proud to host this meeting at a time when oil has taken centre stage worldwide.” But not everyone is happy that Spain is hosting the event. Spanish consumers are still under shock after thousands of truck drivers went on a massive strike earlier this month, demanding government compensation for losses caused by the soaring price of fuel. They have seen their businesses affected as fuel prices have increased by 20 percent since the beginning of the year. The protest disrupted deliveries, caused shortages of fresh food in supermakets and, coupled with a fishing strike, left fish stalls bare. Lorry with broken windscreen (9 June 2008) Tempers ran high during the Spanish truckers' strike The crisis came off the back of a sharp increase in food prices, which has been a blow to many Spanish households. Food price inflation in the country is currently the highest in the eurozone, with flour, milk and sunflower oil prices rising by between 20 percent and 40 percent during the last year. Oil prices have helped push the country's official inflation rate to 4 percent, the highest level for 10 years and well above the rate expected by Economy Minister Pedro Solbes. “Spaniards are feeling the pinch of a tumbling housing market and higher rates.”
