The Deepwater Horizon oil well disaster has created an environment giving rise to major questions over the costs, safety and practicality of oil extraction at such extremes.
Bearing in mind the economic expansion of China and India, in particular, and the transfer of manufacturing activity from the West to the developing nations, along with their increasing demand for carbon-based energy, will the Commission:
Reappraise its position on peak oil?
Concur that the extraction of oil in similar circumstances will become increasingly difficult from a commercial, political and environmental viewpoint (as illustrated, for example, by the announcement by Italy on 2 June 2010 of tight restrictions on offshore drilling), and as a result the oil reserves theoretically available to offset the decline in production in oilfields now nearing exhaustion will in fact come into production later than anticipated, if at all?
Accept the need for a wide-ranging investigation into worldwide dependence on petro-chemicals and for an accurate audit of global oil reserves which rectifies the bogus figures claimed by OPEC countries in order to maximise their production quotas?
Examine the consequences of a sudden diminution in the availability of ‘easy oil’ with particular regard to the EU's agenda of globalism, free trade and internationalism, all of which are predicated on the now discredited theory that supplies of cheap oil will continue to be available for decades to come?
Furthermore, in the absence of sufficient ongoing replacement reserves, would the Commission care to estimate the likely rise in the oil price were the supply/demand balance to alter, which may occur in some measure if there is to be a return to economic growth in the developed countries?