Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-02-Speech-3-062-000"

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"Mr President, ladies and gentlemen, the Council needs to look at the fact that Europe’s production system has no defence against the volatility of oil prices on the markets, because futures markets are being held hostage to sophisticated international financial speculation, meaning that prices now have very little to do with the fundamental principles of supply and demand. The Council must set itself the goal of providing the European Union with a practical instrument with which to create a regulated market, open to selected traders and managed by a completely trustworthy European partner. This is the thrust of an Italian Government proposal to create a European oil exchange aimed at establishing a stable oil market, which would be of huge benefit to businesses and consumers. Speculators’ enthusiasm for commodities is influencing oil prices, which are no longer based on the spot market, since the cumulative effect of advances and speculative manoeuvres ends up determining supply and demand in the real market. A European exchange would transform the current ‘non-market’ of paper barrels into an efficient, regulated and monitored real market based on real barrels of oil. We ought to discuss this with the Council as well."@en1

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