"Only a complete shift in EU energy policy will lead to a solution as regards security of supply, solidarity among Member States and employment, and in social, environmental and economic terms," MEPs say. They also express their regret at the lack "of a clear commitment to further change in energy policy and structure".
Sufficient oil for coming decades
According to the various estimates, it will still be possible to extract sufficient oil to meet demand in the coming decades, says the report, "even though consumers may have to pay a higher price for it".
Noting the exclusion of oil pipelines from the trans-European energy networks (TEN-E), MEPs call on the Member States and the Commission to consider including oil infrastructure in the TEN-E in view of current developments. They also emphasise that new oil infrastructure projects such as the Odessa-Gdansk and Constanța-Trieste pipelines should continue to be "high-priority projects of European interest".
High price to pay
Turning to the price of oil, MEPs consider that the main reason for the oil price rise in the past eight years lies with a strong growth in demand that has led to bottlenecks in the extraction, transport and refining of oil and to large windfall profits made by a few big oil oligopolies. Monitoring of competition in the processing and sale of oil and petroleum products is a priority, while improving market transparency is vital, say MEPs.
MEPs express their doubts regarding the "medium- and long-term suitability of first-generation biofuels as a substitute for oil", calling for increased efforts in researching synthetic fuels", and for more financial support from Member States for investments in alternative energy sources.
Biofuels doubts?
Parliament expresses doubts regarding the medium- and long-term suitability of first-generation biofuels as a substitute for oil and calls for increased efforts in researching synthetic fuels.
