Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-28-Speech-3-238"
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"en.20050928.23.3-238"2
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".
Mr President, the current high, unstable oil prices may influence global economic growth. This would be particularly painful for those European Union Member States that in recent years have not experienced a strong economic upswing, but are being forced to pay a higher price for oil which is dictated by strong economic growth worldwide. In several new European Union Member States, the elements of an increase in oil prices produced by the dominant role played by old and energy-wasteful technologies in their economies are also at the basis of growing inflationary pressure.
At the moment there are no objective preconditions for an increase in the quantity of oil on the market. Even if in the next couple of years this were to happen, the geographical location of oil production would not change, in any case, and this means many risks will still remain, and this will not allow the oil price to fall substantially. In the same way, there is little hope that the oil-producing countries will have a genuine interest in making the oil market more stable or the ability to work together with oil consumers to achieve this. The recent nationalisation of oil companies in Russia and Venezuela, which was ideologically and not economically motivated, has made the oil-producing sector in these countries less transparent and less predictable. This is the reality with which we have to deal in forming European Union policy, and not only in the sphere of energy.
As for the current short-term challenges — in a situation where there are no free oil reserves on the market — the only available tool for stabilising oil is the reduction of consumption. Here, we should suspend all forms of subsidy and tax incentives for the oil refining sector and consumers. Tax incentives give the wrong signal to the market on the direction of oil prices and encourage consumption, and in the end increase the profits of the oil companies. The European Commission, acting in coordination with the bodies that monitor the markets of the Member States, should create a mechanism for monitoring the oil market in order to reduce speculation on the oil market, which lacks transparency. Regarding all the action strategies presented that have been planned by the Commission to expand the energy portfolio and to reduce oil dependency in the European Union, I must say that it is vital to look at a substantial increase in funding in the Financial Perspective for the expansion of the energy portfolio."@en1
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