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Let us not be mesmerised by the oil market situation. Summary of Vice-President [of Commission] Davignon's speech at the Hamburg Congress and Fair "Energy '83". Hamburg, 19 April 1983

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  • Economics

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untitled '· ' i ~ TALSMANDENS GRUPPE- SPRECHERGRUPPE- SPOKESMAN'S GROUP- GROUPE DU PORTE-PAROLE OMALIA EKnPOI:OilOY TYilO'i' - GRUPPO DEL PORTAVOCE - BUREAU VAN DE WOORDVOERDER •• • • •• •• •• • • •• • • •• • • •• • •• • • • • .. . . . . . ..... . .. . .. . . ·-· . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ... . . . .. . .. .... ;··· • • • •• •• • • • • •• • •••• • • • •• •• • • • • • ••• • • • • \ PRISSI·MIDDIUlSI • MITTIIlUNG AN 011 PRISSI • PRISS ·RIUASI· INfORMATION A lA PRISSI ANAKDINDIH riA TON TYDO • INfORMAZIONI AUA STAMPA • MIDI OiliNG AAN Dl PIRS EMBARGO : 19.4.83, 13hrs. Brussels, 19 April 1983 ETIENNE DAVIGNON : "LET US NOT BE MESMERISED BY THE OIL MARKET SITUATION" (Summary of Vice-President DAVIGNON's Speech at the HAMBURG CONGRESS AND FAIR "ENERGY '83" - 19 April 1983 "I do not want to be labelled a Cassandra : one should be pleased with the prospects of an upturn in economic growth which ~ower oil prices will help to bring about. However, it is of paramount importance, to maintain acceptable levels of economic growth in the medium and longer-term. It would indeed be tragic if Governments and industrialists were to be mesmerised by the short-term signals from the oil markets and were to reverse the real progress which the industrialised countries have made over recent years in reducing their dependence on oil: I know that all the Governments of the Community have subscribed to commitments to reduce the risks in overdependence on imported oil and to spread the risks by diversifying energy supplies. I also know that there is certainly a widespread recognition among Governments about the need to avoid the mistakes of the past. But I would be failing in my duty as the Vice-President of the European Commission responsible not only for energy but also for industry and R&D, if I did not sound a note of warning about the disastrous consequences, if we were simp

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