Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-25-Speech-1-118"
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"en.20041025.15.1-118"2
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"The price of a barrel of oil has exceeded the psychological barrier of USD 50. Although this figure is fluctuating, the tendency is upwards.
This rise is the result of a complex series of factors, including the invasion of Iraq, political and social instability in some of the big exporting countries, natural disasters, increased demand in countries with large populations and strong economic growth, and also speculation.
The International Monetary Fund says that a USD 8 per barrel rise will cause a 0.5% fall in economic growth. Consequently, whilst the downturn is not as severe as that of the seventies and eighties, the risks to the world economy and to its much-trumpeted upturn are enormous.
The first sectors to be affected by these oil price rises have been transport, fisheries and agricultural. These sectors, particularly the last two, are already severely depressed.
Accordingly, Community restrictions on direct public aid to the sectors affected should be lifted, and measures should be taken and practical support provided at EU level in order to minimise the socio-economic impact of oil price rises.
The key issue, however, is much broader and more structural, and is due to the fact that the world’s economy has never resolved the problem of its dependence on a resource that is finite and subject to speculation."@en1
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