Monika Schnitzer, the chief at Wirtschaftsweisen, warned that oil- and gas‑prices will stay high and could rise further in the coming days. She told the “Rheinische Post” on Tuesday that the extent of the increase depends largely on how intense and long the conflict lasts. Production facilities are being destroyed, transport routes are severely restricted, and oil and gas firms are temporarily stopping output for safety reasons. All of these factors shrink global supply, heighten uncertainty, and drive prices upward.
Schnitzer urged that the global strategic oil reserve-established by the International Energy Agency during the oil crisis-be considered again. The reserve has been used multiple times in the past to boost supply quickly and stabilize prices during crises, and she believes it should be deployed again in a coordinated way if necessary.
At the same time, she cautioned Germany to reduce consumption where possible amid high oil and gas prices and to continue moving toward greater independence from fossil imports. This effort should focus on expanding renewable energy and upgrading the necessary grid infrastructure.
