Soaring oil and gas costs in Europe caused by Iran’s protracted war will not return to normal levels anytime soon, even if peace is declared tomorrow, the European Union’s energy commissioner warned on Tuesday.
According to Commissioner Dan Jørgensen, there are no urgent shortages of oil and gas supplies within the 27-member bloc. However, there is pressure on diesel and jet fuel supply, as well as “increasing constraints” in global gas markets, driving up electricity prices.
“What I find extremely important is to state as clearly as I can that even if that peace is here tomorrow, still we will not go back to normal in the foreseeable future,” Jørgensen told a news conference after an EU energy ministers meeting.
He stated that the EU’s executive arm is considering a series of measures to assist households and businesses in dealing with the dramatic rise in oil prices, which has resulted in hikes of almost 70% for gas and 60% for oil in Europe. According to Jørgensen, the EU has spent €14 billion on imported fossil fuels since the war began.
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