Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-09-05-Speech-2-241"
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"en.20060905.25.2-241"2
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".
It is true that the United States’ reserves of crude oil and petroleum products have recently reached record levels. However, growing reserves of crude oil or petroleum products in any consumer country should normally not put upward pressure on the world oil price.
It is a well-documented statistical belief among experts that prices of oil and oil products increasingly relax with growing levels of reserves in major consumer countries. That is because risk premium is an important element in the price of oil in the world markets and is priced in by market operators on the basis of evaluations of various risk factors. Besides due political considerations, the probability of supply disruptions caused by insufficient spare capacities and reserve levels is a primary risk factor. Hence comfortable or even record levels of crude oil or petroleum product reserves in important consumer countries such as the United States tend to reduce the perception of risk by a vast majority of operators in global oil markets.
Against this background, there was no need to discuss the question of levels of US crude oil and petroleum product reserves at the annual EU-US Summit.
As for the crude oil imports from the US to the European Union, in the past three years the United States has supplied negligible quantities to the EU – less than one million tonnes per annum. That is less than 0.2% of EU’s total crude oil imports. In fact, the US itself is highly and increasingly dependent on crude oil imports."@en1
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