1. Action not Words
As a result of the increasing oil price, energy savings are not just discussed in talk shows, but are correspondingly carried out on a daily basis – and this is now even the case in the USA. No longer is it “unamerican” to call for the end of gas-guzzling SUV’s or for the USA’s entry into international agreements over climate protection. Roused by market forces, not new laws, firms are beginning to invest in energy-saving technology.

2. Energy Saving at Home
Even without new taxes and subsidies, high prices have made it financially attractive for households to save energy, modernize and maintain heating, seal windows, and to insulate lofts, cellars and outside walls; it’s also attractive not to heat flats to more than 20 degrees(C) in the day and 15 degrees at night. It’s alone worth switching to energy saving light bulbs and washing on a lower heat, and to use less air-conditioning as well as saving more petrol and driving less.

3. New Investment in Oil Fields
An oil price of $100 makes it attractive to invest in both existing and new oil fields. As a result, the current scarcity of oil is not really a problem of low reserves. The high oil prices mean that it’s all the more worthwhile to adopt new technologies and to extract more from old oil fields. Equally it is more attractive to keep productive oilfields open and to extract petrol from oil shale and sand. Hence today’s oil reserves are no lower than before. They have grown and reached record levels.

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