In its preparations to assist consumers and companies, the European Union has cautioned that, despite the end of the conflict with Iran, oil and gas prices will remain high for the foreseeable future due to supply constraints and tight global markets. The energy commissioner of the European Union issued a warning on Tuesday about the soaring prices of oil and gas in Europe caused by the ongoing war with Iran. He said that even if a peace declaration were to be made tomorrow, the prices would not go back to normal anytime soon.
Electricity costs are being driven higher by “increasing constraints” in global gas markets and pressure on diesel and jet fuel supply, according to Commissioner Dan Jørgensen. However, there are no current shortages of oil and gas supplies across the 27-member bloc. While speaking at a press conference following a meeting of EU energy ministers, Jørgensen emphasized the importance of making it clear that, regardless of whether peace is achieved tomorrow, things would not return to normal in the near future.
Gas prices in Europe have risen by nearly 70%, and oil prices by approximately 60%. He stated that the European Union’s executive arm is planning a variety of measures to help households and companies cope with these price increases. Jørgensen claims that the cost of imported fossil fuels has increased by €14 billion for the European Union since the war began.
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