EU plans joint fuel monitoring, reserve coordination and gas storage refills, as airlines cut flights, industry raises prices, and shortages of jet fuel and diesel loom amid disruptions tied to the Strait of Hormuz
The European Union on Wednesday unveiled a series of emergency measures aimed at addressing a sharp rise in energy prices linked to the war with Iran, as concerns grow over prolonged disruptions to global supply routes, including the Strait of Hormuz.
The European Commission said the measures are intended to help the bloc respond to price volatility and potential supply shortages, after Europe only recently emerged from the energy crisis triggered by Russia’s invasion of Ukraine.
According to the Commission, the plan includes the establishment of a centralized, EU-wide body that will monitor fuel imports, exports and existing stockpiles across member states. The goal is to enable faster identification of potential shortages, particularly in jet fuel and diesel, which are considered especially vulnerable in the current environment
In addition, EU member states will coordinate more closely on the management of energy reserves, including sharing updates on any release of emergency stockpiles. Countries will also .The Commission said the measures also aim to accelerate domestic energy production within Europe, in order to reduce reliance on external suppliers.
Officials noted that since the start of the war, the European Union has spent an additional $28 billion on energy imports without receiving any increase in supply volumes, reflecting the impact of rising global prices rather than increased consumption.
Industry groups said the EU response does not go far enough. Transport & Environment (T&E), a Brussels-based non-governmental organization focused on transport and climate policy, criticized the measures as incomplete, arguing that the bloc failed to introduce a comprehensive plan to address the crisis.
The group said the EU had missed an opportunity to impose windfall taxes on oil companies, similar to measures taken in 2022, which could have helped fund relief efforts and reduce energy consumption.
Airlines have begun adjusting operations in response. Lufthansa said it plans to cancel about 20,000 flights through October to conserve jet fuel, which it said has doubled in price since the start of the war with Iran.
Fuel retailers across Europe have reported a rise in theft at gas stations, including by individuals without prior criminal records, reflecting mounting financial pressure on households. According to BBC, in the UK, fuel theft incidents have risen by 62% compared with last year.
Similar trends have been reported in Germany and Poland, where there have been cases of fuel stolen from parked trucks, trailers and construction sites, sometimes causing damage that prevents vehicles from continuing their journeys. In France, where fuel theft can carry penalties of up to three years in prison and fines of up to 45,000 euros, authorities have also reported a significant increase in such incidents.
Full story Europe unveils emergency energy measures as prices surge, fuel theft rises
Share this:
