Liam Aylward, on behalf of the UEN Group. – Mr President, I welcome the fact that this debate is encompassing all energy prices, and not just that of oil – which of course is a major concern. Over the past year it is not only oil that has experienced a price shock: the cost of coal and gas is rising just as fast as oil, if not faster. As is always the case, the consumers are the worst affected.

Spikes in energy prices put huge pressure on the budget of the average consumer. As representatives of the people at policy level, it is up to us to implement policies that will ensure a sustainable fuel supply at a reasonable price. How can we achieve this as fuel wells’ supplies approach depletion? We should be concentrating to an even greater degree on renewable energy and resources. We should increase study of, and investment in, alternative fuel sources. This is by no means a new idea, yet to date we have not done enough in this regard. We have a duty to the European people, and for the sake of our environment, to turn our words into actions.

Environmental protection and consumer financial welfare are not mutually exclusive goals. By spending more money, time and resources on the area of renewable energy, we can achieve them both and can ensure a sustainable supply of energy for the future.