The European Commissioner for Energy, Dan Jørgensen, warned on Wednesday that Europe is preparing for “very difficult months, or possibly even years” of high energy prices, as the war in Iran is costing the continent 500 million euros per day.
The loss of 20% of global oil and gas exports through the Strait of Hormuz has already caused strong price volatility, and the European Commission has announced the creation of a “fuel observatory” to prevent the hoarding of aviation fuel by some member states, amid growing fears of shortage even before the tourist season, writes Euronews.
The most important European official in the energy field warned on Wednesday that the severe energy crisis triggered by the United States and Israel’s attack on Iran will likely lead to rising prices for months, if not years.
The European Commissioner for Energy, Dan Jørgensen, emphasized that the impact will be long-lasting, not a short or minor increase in costs.
He pointed out that the war is costing Europe 500 million euros (approximately 600 million dollars) per day and warned that there are “very difficult months, or possibly even years.” ahead.
The sudden loss of 20% of global oil and natural gas exports through the Strait of Hormuz has triggered strong price volatility, even in cases where EU states manage to secure their energy supply.
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