New Contracts Coming
Europe is currently struggling with the prices of oil and the expenses it incurs from the importers of oil. However, some contracts for oil imports to the EU by major producers of oil such as Russia and the Middle East are soon to be resubmitted and this is the time the EU needs to ensure the financial safety of its citizens by changing the contracts.
Under the old agreements, the countries importers had a vast power to levy the prices of oil and to regulate themselves while performing contractual obligations. The contracts were signed in such an order simply because Western countries did not have the final say in concluding them - the people with oil can simply say they are unhappy with the terms. However, now the opportunity is reversed - after the Middle East is now dependent on the West for political support and peace contribution and after Russia is now developing joint projects with the EU and NATO which gives it a quite strong financial injection, the EU has actually the power to determine most of the contractual terms for sale.
What leaders have discussed in the EU parliament and Council of Ministers has been the idea of imposing regulations upon the export. Import taxes would be reduced, however, prices need to be agreed in advance without an option to amend the initial agreement and to impose unreasonable financial burden on the EU. With these changes, it is unlikely that the EU consumer would sense much of a difference, however, it still depends upon the conditions that would be taking place next year when the new contracts would be discussed. All that is known is that the lack of regulations with the old contracts led to exorbitant prices of fuels for the general consumers - a mistake that the EU cannot admit once more. After all, oil is no Whey protein that builds up so nice tissue on your body - it is the energy source without which economies collapse - so we rather carefully consider the options of buying it for the greater good and not buying it while beheading the consumer of fuels.
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