Energy Security of Southern Europe Countries and Crude Oil Prices

Abstract

This paper examines the development of oil prices in the last years and its impact on energy security of the southern Europe countries. The development of oil prices in the last years has a potential impact on all economies. Indeed the impact was positive for crude oil importing economies but in the other hand, negative impact on crude oil exporting economies. According to our analysis, the impact was positive on all southern Europe economies, regardless the scale of the impact. Off course the low crude oil prices improves the affordablity of energy supply, but for the energy security of southern Europe countries should be insured by other alternative energy resources, among them natural gas and renewable energy resources