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Norway could also provide an example here if western

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Unformatted text preview: ipbuilding and development of the equipment industry. High oil prices are also the best incentive to invest in renewable energy. But the automobile industry, for example, is not currently putting much effort into developing cars that run on new energy sources. 74 Available on: <www.aftenposten.no>, May 23, 2008. Bellona. Available on: <www.bellona.no>. 76 Havforskningsinstituttet (Institute for Sea Research). Available on: <www.imr.no>, May 19, 2008. 75 58 © Ifri F. Harbo / The European Gas and Oil Market The changing character of the global oil market shows that oil production is close to peaking. Saudi Arabia can no longer be relied on to play its usual role of price regulator. Iraq, on the other hand, is believed to have huge unexplored reserves. The region needs the help of Western guidance, so that Iraq could work jointly with Saudi Arabia, or even replace it, if its role as regulator ends. Advanced nations and leaders could underwrite a so-called “Marshall Plan” for the Middle East, si...
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