OPINION

The challenge of rising oil prices

The rise in oil prices is obviously an unfavorable development. It increases the cost of many consumer products and lowers our standard of living. But it may also represent a unique opportunity to achieve what other Western countries did 15 years ago. This includes the production of electricity from solar and wind energy, the use of biofuels (fuel produced from plants), the more effective exploitation of domestic lignite resources, and the curbing of the widespread waste of precious energy resources. Our country has enjoyed relatively low oil prices over the past 15 years without worrying too much about the future. It has become increasingly dependent on imported oil but has also started using natural gas – a project which is still far from completion. But although natural gas is very useful, it should not be regarded as the only solution. After all, its price is around 70 percent that of oil. It may be more environmentally friendly but it is not enough to save our economy from spending excessively on fuel. There is no real justification for the hefty energy tax our country is paying. It is hardly natural that Denmark produces more electricity from wind energy than Greece, nor that Germany produces more solar energy. The only reason for this is a lack of proper planning and bold decisions.