Düsseldorf (dpa) – North Rhine-Westphalia’s Economics Minister Andreas Pinkwart (FDP) has spoken out in favor of not rushing into an oil embargo against Russia. Before the EU announces an oil embargo, “it should ensure that the lack of supply from other sources can be compensated for by higher production rates,” Pinkwart told the “Rheinische Post” (Tuesday). “Otherwise the prices will continue to rise, which will hit consumers who are already burdened by high energy costs, small and medium-sized businesses and the trades considerably.”
The energy expert at the German Institute for Economic Research (DIW), Claudia Kemfert, believes that an oil embargo is feasible: “Germany can and must afford not to use Russian oil. Instead of Russia, Germany can get oil from Norway, the USA, North Africa or from the Arab region,” said Kemfert. “Oil-exporting countries are currently earning a lot and can also deliver more.”
The DIW expert expects fuel prices to rise and at the same time warns the state against taking action: “It is not possible to reliably predict how high the price of oil and thus the price of petrol will rise. High fossil energy prices generally provide an incentive to change course, but unfortunately the federal government is doing this with unnecessary and expensive tank discounts rather ineffective. Instead, it should better expand charging infrastructures, strengthen public transport and the railways and implement the energy transition quickly.”
© dpa-infocom, dpa:220503-99-134445/2
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