German Ministry of Foreign Affairs: We must reconsider the ban on new drilling for oil and gas in the North Sea

Germany should reconsider its ban on new drilling for oil and gas in the North Sea as it seeks to reduce its dependence on Russian energy over its invasion of Ukraine, Finance Minister Christian Lindner said on Sunday. Reuters.

According to the coalition agreement between Chancellor Olaf Soltz’s Social Democrats, Lindner’s Greens and Free Democrats (FDP), Germany will not grant new permits for oil and gas drilling in the North Sea beyond the existing one.

“We have to challenge the decision,” Lindner told the Tagesspiegel newspaper. “Due to developments in world market prices, this seems more economical.”

Germany, which is dependent on Russia for two-thirds of its gas imports, is urgently seeking to boost alternative energy sources, including the construction of its first liquefied natural gas (LNG) terminal. Lindner, however, said that, at least for a transitional period, Europe’s largest economy would still need oil and gas.

“Based on the changed geopolitical background, I think it is advisable to consider the entire energy strategy of our country without limiting ourselves,” he said.

Despite the sharp rise in fuel prices at service stations, Lindner rejected a temporary reduction in sales tax from 19% to 7% on petrol and diesel, as some politicians have suggested.

“If the Conservatives are asking for a brake on fuel prices, they have to say what they want to cut in the budget. Or admit that they are willing to take on new debt for it,” he said, adding that he was also opposed to imposing a speed limit on German highways.

Source: Capital

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