BRUSSELS is urging Europeans to save on fuel as concerns grow over a ‘long crisis’ in the fallout from the Iran war.
The European Commission’s energy chief, Dan Jorgensen, said on Tuesday that residents of Europe should work from home, fly less and drive 10kph slower on motorways as fuel prices continue to soar.
Jorgensen has also called on European countries to step up efforts to shift to renewable energy as the continent braces for an economic shock following Iran’s closure of the Strait of Hormuz.
“Even if … peace is here tomorrow, still we will not go back to normal in the foreseeable future,” Jorgensen said after a meeting of EU energy ministers. “The more you can do to save oil, especially diesel, especially jet fuel, the better we are off.”
“This must be the time we finally turn the tide and truly become energy independent,” he added.
It comes as fears mount that the world could be on the brink of an energy crunch more severe than the oil shocks of the 1970s.
READ MORE: Spain formally closes airspace to US military planes involved in attacks on Iran
Since the US and Israel launched strikes on Iran more than a month ago, oil and gas prices have surged sharply – jumping by as much as 70 percent – while roughly a fifth of global crude oil and liquefied natural gas supplies remain effectively bottlenecked in the Persian Gulf.
In Spain, the government has moved to contain the fallout by pushing through a €5 billion relief package comprising 80 measures, including a VAT cut on fuel and price reductions of up to 30 cents per litre.
Despite this, Spain’s National Institute of Statistics (INE) reported last Friday that inflation rose to 3.3% in March – the sharpest month-on-month increase since May 2022 and the highest level since June 2024.
Click here to read more International Affairs News from The Olive Press.
