Strasbourg, 08/09/2005 (Agence Europe) - The Greens in the European Parliament have welcomed the European Commission's reaction to soaring world oil prices (see EUROPE 9021) but have called for a more coherent and coordinated strategy that include the transport sector. Luxembourg MEP Claude Turmes explained 'the range of measures proposed by the Commission is insufficient and too weak… Roughly 70% of the oil consumed in Europe is used by the transport sector… When transport accounts for such a large proportion of oil use and presents the best opportunities for savings, it is completely ridiculous that the Commission fails to even mention this sector.' He goes on: 'The fact hat energy and transport are part of a joint directorate within the Commission makes the situation even more Kafkaesque. The Commission's proposal is, as a result, not at all credible.' 'In the fight to tackle climate change and safeguard jobs, we must attack both price speculation and consumption. DG Competition should, along with its American counterpart, launch an immediate inquiry into why the companies that earn billions from high prices fail to invest in refinery capacity,' explains Turmes in a press release. The President of the Socialist Group, German MEP Martin Schulz, has also called for an 'investigation into the huge profits currently being made regarding the high price of oil… Behind this speculation are not only oil companies but very often specialised hedge funds.' In a press release, Schulz calls on the European Commission 'to bring forward proposals for a regulatory framework on hedge funds and far greater transparency on such transactions as soon as possible.' Italian ALDE MEP Vittorio Prodi explains in a press release, 'we must sustain in a more determined way Research & Development of all renewable energies… We must act now and prepare for instance the adoption of measures like special Eurobonds to finance projects, equipments and plants based on renewable energies.' The Greens greatly favour using renewables as an alternative to oil. They point out that 'in Germany and Austria, total oil demand is already declining due to policies that favour efficiency and renewables in both the transport and building sectors. All measures should be directed to accelerate the 'structural change' already underway, in order to make Europe's economy less vulnerable to oil price hikes.' The Greens explain the importance of 'concrete measures to cut demand. Historical evidence from the oil price shocks in the seventies shows that the only way to control speculation is by cutting demand.'