Normally, less than 20% of oil from the Persian Gulf is exported to Europe, and Italy’s share is less than 4%. So is it really appropriate to talk of an energy crisis and ramp up the rhetoric– as well as prices and forecasts?
This is what Davide Falteri, President of Federlogistica (the Italian logistics federation), is questioning, calling for a clear-headed approach and a sense of proportion.
“We are not facing an immediate disruption to supplies that would justify such rapid, across-the-board price rises. Major energy suppliers and national systems have significant reserves, built up precisely to manage complicated scenarios such as the current one. “This means that the issue is not the immediate availability of the product, but the way in which the market reacts to expectations through prices,” Mr. Falteri points out, “which incorporate not only real costs, but also geopolitical risks, financial dynamics and, in some cases, potential speculative effects, anticipating crises that do not currently exist or, in any case, do not arise in the way in which they are presented.”
“It is strange, too,” continues the President of Federlogistica, “that this crisis should come at such a delicate energy transition moment. The electrical and new technology sector was already experiencing a slowdown, and now the increasing cost of traditional fuels risks upsetting the competitive balance once again, making it strategically necessary to pursue a transition that cannot be driven by sudden shocks.”
According to Federlogistica, the key point is that the crisis must not be used as an excuse to put the financial burden on households and businesses. What is needed is constant monitoring, transparency throughout the supply chain and, where necessary, targeted measures to prevent distortions. “At a time like this,” Mr. Falteri concludes, “the responsibility of politicians and institutions is to ensure balance: to safeguard energy security, protect the production system and support transition without creating further social, economic imbalances.”
Translation by Giles Foster
