Unformatted text preview: gy mix. These processes are important not only to Norwegian and
European economic interests and trade, but also for diplomatic, foreign and
security policies. Control over oil and gas is not just economics, but also
geopolitics, diplomacy and even military power. The very important
question today is who will hold it?
European integration actually started with energy. However, the
energy issue became more politicised only when Europe faced its first oil
crisis in 1973-1974, when the international demand for oil started to exceed
supply and OPEC increased crude oil prices to USD 12/barrel.48 The Arab
oil embargo was a signal for the urgent need for European cooperation on
the subject of energy policy. The energy policy in the EU was very much
influenced in the 1990s by the process of liberalisation and the
establishment of an internal free trade market for oil and gas.
Developments in the 2000s integrated some other issues such as
continuously high pressure in the liberalisation of oil and gas markets, but
with a more pronounced focus...
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- Summer '14
- European Union, ........., Peak oil, The European Gas and Oil Market