EU Costs from 'Most Severe Energy Crisis Ever' Pass €30bln
EU Energy Commissioner Dan Jørgensen warned of the rising energy costs for the bloc triggered by the war in Iran and the subsequent blockade of the Strait of Hormuz.
"Since the outbreak of the conflict in the Middle East, the European Union member states have already spent over €30 billion ($35 billion) more on fossil fuel imports without receiving any additional supply," Jørgensen told journalists in Brussels on Tuesday."The world is facing what is arguably the most severe energy crisis ever, one that is testing the resilience of our economies, our societies, and our partnerships," he said.Roughly a fifth of the world's traded oil and liquefied gas normally pass through the Strait of Hormuz.Since the start of the US, Israeli war against Iran, traffic through the Strait of Hormuz has been effectively halted.Jørgensen also warned of the long-term consequences of the damage to energy production facilities in several Persian Gulf countries, saying gas production in the region "will take probably even years to remedy" while oil production is expected to recover quicker.The EU commissioner said that the bloc was preparing for potential fuel supply issues. "We are not there yet, but it can happen, especially on jet fuel," he said.
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