The European Union is contemplating urgent actions such as fuel rationing and the release of oil from strategic reserves as it braces for a long-lasting energy crisis caused by the continuing war in the Middle East.
EU Energy Commissioner Dan Jorgensen cautioned that energy costs will stay high for a significant period.
"This crisis will be prolonged," he remarked, noting that the outlook for certain essential products is likely to deteriorate more in the coming weeks.
Brussels is thoroughly exploring all backup strategies, such as implementing fuel rationing and releasing more oil from strategic reserves. Authorities have not yet decided to implement official limitations, but Jorgensen mentioned that the EU is readying itself for the most severe situations. " It's wiser to be ready than to feel remorse afterward," he stated.
Reports indicate that during an emergency meeting of European energy ministers, Jorgensen called on member states to engage in unified, coordinated efforts to reduce oil and gas usage and oversee storage reserves. Oil prices have climbed approximately 70 percent and natural gas by about 50 percent, raising significant worries about supply stability throughout the bloc.
Also Read: Macron Praises Europe’s Predictability in Japan Visit
EU nations have been urged to think about actions like optional fuel-saving programs and potentially instituting car-free Sundays, a measure last implemented during the energy crisis of the 1970s.
Jorgensen also encouraged governments to delay oil refinery maintenance to maintain production levels and to explore biofuels as an alternative option.
Also Read: UK Hosts 35-Country Talks on Reopening Hormuz Strait
The IMF has observed that the effects across Europe vary, with nations like Italy and the United Kingdom particularly vulnerable due to their dependence on gas-fired energy, whereas France and Spain are comparatively safer due to their stronger nuclear and renewable energy resources.
Also Read: US Vice President Vance to visit Hungary
Jorgensen stressed the importance of a unified European response. "It is only by working together that we can be stronger and protect our citizens and businesses more effectively," he said.