There is no quick fix to the soaring oil prices, the European Commission President Jose Manuel Barroso said on Friday.
"We have sent out a very clear message that there will not be a quick fix for the issue of the oil prices," Barroso told reporters after a two-day summit of European Union (EU) leaders in Brussels.
With world oil prices approaching 140 U.S. dollars per barrel this week, a record level once unimaginable, the summit was focused on solutions to the price shock which recently ignited widespread protests in Europe.
In a conclusion of the summit, EU leaders expressed concern in regard to the continued surge in oil and gas prices and their social and economic consequences.
The skyrocketing oil prices have compelled EU governments to consider emergency measures to alleviate the suffering of the most hit people and industries.
"Measures can be considered to alleviate the impact of higher oil and gas prices on the poorer sections of the population," EU leaders said.
But they warned those emergency measures should be short-term and targeted.
"Distortionary fiscal and other policy interventions should be avoided as they prevent the necessary adjustment by economic agents," they added.
While leaving it open for member states to adopt short-term measures, Barroso insisted the ultimate answer to soaring oil prices existed in longer term adjustment.
"There is a structural problem that needs a structural response, and we need structural change," Barroso said.
"We need to reduce our oil dependency, we need to be more energy efficient and to promote energy diversification," he added.
Source: Xinhua
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