- The war in the Middle East is depriving the European Union of 500 million a day.
- During the 60 days of the conflict, European import costs increased by 27 billion euros.
- The Strait of Hormuz is effectively closed and sharply increases energy prices.
- The European Commission will present an electrification action plan and a safety strategy by the summer.
As a result of the war in the Middle East, which increases fuel prices, the European Union loses almost 500 million euros a day. According to Politico magazine, she drew attention to this on Wednesday head of the European Commission Ursula von der Leyen, writes TASR. “In just 60 days of conflict, our spending on fossil fuel imports has increased by more than €27 billion, without gaining a single molecule of extra energy,” said von der Leyen at the European Parliament in Strasbourg.
The increase in energy prices was mainly caused by the de facto closure of the Strait of Hormuz by Iran. Under normal circumstances, about a fifth of the world’s oil and liquefied natural gas is transported through this strait. The United States has also imposed a naval blockade on Iran’s ports to cut it off from oil revenues.
The head of the European Commission portrayed the war conflict caused by the American and Israeli strikes on Iran at the end of February as further proof that The European Union should accelerate the shift away from the import of fossil fuels and switch to electrification more quickly.
“The way forward is clear. We must reduce our excessive dependence on imported fossil fuels and strengthen the supply of domestic, affordable and clean energy – from renewable sources to nuclear power, while fully respecting technological neutrality.” she declared.
The European Commission wants to present an action plan for electrification by the summer, which should also include an “ambitious” pan-European goal. According to Politico, the presentation of the plan is expected on June 10. A broader strategy for strengthening energy security is to be published together with it.
