Brussels: Iran war has cost EU energy consumers over €100 billion

BRUSSELS, September 29 /ATSH-DPA/ – Rising energy prices as a result of the war in Iran have so far cost consumers in the European Union more than €100 billion, European Commissioner for Energy Dan Jørgensen said Tuesday.

“This shows how bad it is for us to depend on energy resources from other parts of the world,” Jørgensen said in Dublin, during a meeting of EU energy ministers.

Diesel and gasoline prices have risen sharply recently. In the United States, President Donald Trump has considered limiting diesel exports, a measure that could have consequences for Europe, since the U.S. is one of the main suppliers of the European market.

Jørgensen said he had conveyed a clear message to his American counterpart and the public that, under current conditions, it is in the interest of both the U.S. and Europe for energy flows to remain as free as possible.

He also said he was pleased that U.S. Energy Secretary Chris Wright had rejected the idea of an export ban.

The director of the International Energy Agency (IEA), Fatih Birol, said the organization is advising partners around the world, including the U.S., on the diesel and gas supply situation.

“Europe is one of the regions most exposed, if not the most exposed, to diesel, because it imports a very large quantity and we are entering the cold season, winter,” Birol said in Dublin.

On the possibility of releasing strategic fuel reserves, Birol said the IEA is closely monitoring petroleum product markets.

Meanwhile, Jørgensen referred to EU legislation currently being negotiated between member states and the European Parliament.

The aim is to reduce fossil fuel consumption and accelerate electrification.

According to the European commissioner, the crisis shows the need to replace imported and expensive fossil fuels with energy produced in Europe and electricity from green sources.