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Stobl, Günther

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Der Standard - Austria | 10/06/2011

Expensive oil benefits the environment

During a meeting in Vienna on Wednesday, the Organisation of Petroleum Exporting Countries (Opec) was unable to agree on higher output quotas for oil. The disunity of the Opec states may be keeping oil prices high but at least this benefits the environment, writes the left liberal daily Der Standard: "Oil will remain expensive, and we can bid farewell to any hopes of prices falling considerably below 100 dollars per barrel. And that's a good thing, because it's the environment that stands to benefit. Less CO2 in the air is something everyone will profit from in the long run. The restructuring of the economy away from fossil fuels and towards renewable energy is under way, and cheaper oil would only slow down the process. Prices of around 120 dollars per barrel are not going to kill the global economy. It's far less dependent on oil than it was in the 1970s, so that dramatic consequences are a thing of the past. Such worries are simply unfounded."

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