From the European Tribune via The Oil Drum:
PIIGS are the most affectedIt's also interesting to note where the EU gets most of its oil. From the European Commission's Energy website:
One of the groups in the OECD that will suffer most with the contraction of available oil is the one formed by those more dependent of this energy in their mix, underlines Luís de Sousa. "A detail must be noted - those countries in greater difficulties will precisely be those called the PIIGS, that have an oil dependence over 45%, highlighting Greece with 58%, Portugal and Ireland with 55%, Spain with 48% and Italy with 46%, contrasting with the European Union average of 37%. Adding the four countries with oil dependence above the european average, but below 45%, we get a complete map of the zone where the 'undulating plateau' will have the greater impact, adding to the PIIGS are Austria (44%), Holland (42%), Belgium (41%) and Denmark (39%)."
And for the American readers out there, just to give you a frame of reference of what gasoline costs here in Greece, I did the math. Costs vary through out the country, but where I live, it is about 1.60 Euros a liter. That's about $2.18 a liter, and there are 3.8 liters to a gallon, so a gallon of gasoline here costs $8.28!!!! Surprisingly, I see a lot of SUVs and pickup trucks here on the island. Granted, they don't drive as far to commute, and there is a large amount of motorcycles here as well.
Nonetheless, the cost of oil is one thing the EU can't ignore when it comes to the PIIGS. If they want the PIIGS to have a somewhat realistic chance of adhering to Maastricht guidelines (yeah, right) without destroying their economies... oil needs to stay cheap. The question is, will it?