EU Energy Commissioner Dan Jørgensen warned Tuesday that the Middle East crisis will have long-term consequences, increasing the EU’s fuel import costs.
EU Faces Rising Fuel Import Costs
EU Energy Commissioner Dan Jørgensen warned on Tuesday that the consequences of the Middle East crisis will be long-lasting. While there are no direct shortages of crude oil and natural gas in the European Union, limitations are visible in the diesel and jet fuel markets.
According to Jørgensen, 30 days of conflict have already increased the EU’s expenditure on fossil fuel imports by €14 billion. “As the crisis in the Middle East enters its second month, it is becoming clear that we are facing a very serious situation,” he stated.
Market Constraints and Price Impacts
Jørgensen noted growing constraints in global gas markets and their impact on electricity prices. “We should not delude ourselves that the consequences of this crisis for energy markets will be short-lived, because they will not be,” he added.
Call for Coordinated Action
The Commissioner emphasized the importance of member states acting jointly and coordinating their actions. He urged avoiding fragmented national reactions and signals that could disrupt markets.