The European Union is entering an energy crisis that will likely last for a long time. Oil and natural gas prices have more than doubled. The reason is the war in the Middle East.
Details
The European Union must prepare for a prolonged energy crisis due to the war in the Middle East. European Commissioner for Energy Dan Jørgensen said this in an interview with The Financial Times. According to the official, energy prices will remain high for a long time. He stressed that Europe is entering a “long crisis.” The situation with some critical resources may worsen even further in the coming weeks.
For this reason, the European Union is considering emergency measures to stabilize the energy sector. Possible steps include introducing fuel rationing or releasing additional oil from strategic reserves. Officials have not yet approved these restrictions. However, Jørgensen said the EU is preparing for the worst-case scenarios.
“Better to be prepared than to regret it later,” he said.
Ways to overcome the crisis
In addition, European citizens may be urged to consume less energy. For example, authorities may suggest voluntary limits. These could include reducing transport use or introducing “car-free days.” Europe last used such measures during the energy crisis of the 1970s. Jørgensen also urged governments to delay maintenance at oil refineries to keep production going. He also suggested considering biofuels as an alternative source.
Euronews reports that during an emergency meeting of EU energy ministers on March 31, Jørgensen called on member states to take steps to limit oil and gas consumption. He also stressed the need to improve the management of storage reserves. He warned that the crisis will likely last for a long time.
“We need to avoid fragmented national responses and disruptive signals to the market to avoid worsening supply and demand conditions,” Jørgensen said.
Oil prices have increased by about 70 percent, while natural gas prices have risen by around 50 percent. This has raised concerns in the bloc about supply security.
Earlier, The Ukrainian Review reported that, according to Trump, the US strategic goals in Iran are “nearing completion.” He stressed that if no deal is reached, the United States will deliver a “very strong strike” on all Iranian power plants at once.
