Oil and gas prices won't immediately return to normal even if the Iran war ends, the EU warns
NICOSIA, Cyprus (AP) — Skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won’t return to normal levels any time soon, even if peace is declared tomorrow, the European Union’s energy commissioner warned Tuesday.
Commissioner Dan Jørgensen said although there are no immediate oil and gas supply shortages in the 27-member bloc, there’s pressure on diesel and jet fuel supply as well as “increasing constraints” in global gas markets that are resulting in higher electricity prices.
“What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,” Jørgensen told a news conference after a meeting of EU energy ministers.
He said the EU’s executive arm is preparing a string of measures designed to help families and businesses weather the huge spike in oil prices that have resulted in about a 70% price hike for gas and 60% for oil in Europe. Since the start of the war, the EU’s bill for imported fossil fuels has jumped by 14 billion euros, according to Jørgensen.
https://apnews.com/article/energy-eu-oil-gas-iran-supply-65e520c30d94e7b6184e69d37a7cc09a
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