In recent months, oil prices have experienced a sharp increase, reaching their highest level since the 1970s and unleashing protests around the EU by truckers, farmers, fishermen and others. Moreover, it is likely that in spite of recent price decreases they will remain high in the medium and long term.
Structural reform aspects: What measures are envisaged to break that unjustified direct linkage between electricity and oil prices? What is the level of competition in the sector? What are the preliminary findings/options of the consultation regarding the revision of the existing legislation on emergency oil stocks?
Speculation and pricing aspects: How can oil markets be made more transparent? How are the financial markets affected by oil price speculation? Have the oil companies reduced fuel prices after the recent oil price reduction? Is there a symmetry between fuel prices and oil prices?
Aspects of energy efficiency, promotion of renewables and diversification of energy sources: What will be done to address the issue of energy efficiency more strongly, including ways of encouraging better implementation of existing legislation within the Member States? What measures are envisaged towards more investment into financing alternative energy technologies and research?
Energy security and foreign policy aspects: What are the objectives regarding dialogue with key producers like Russia, Norway and the OPEC and what steps will be taken to ensure adequate access to secure and affordable energy supplies? What assistance will be given to oil-importing developing countries to develop alternatives to fossil fuels?
Macro-economic and social aspects: Increased energy prices on inflation contributed to the ECB decision to raise interest rates. What measures will be taken (a) to protect vulnerable groups and (b) to mitigate the negative macro-economic and social impact of higher energy prices? Where are the best practices regarding 'short-term and targeted' measures, with what results?