NICOSIA, Cyprus (AP) 鈥� Skyrocketing oil and gas prices in Europe as a result of the ongoing won’t return to normal levels any time soon, even if peace is declared tomorrow, the European Union’s energy commissioner warned Tuesday.
Commissioner Dan J酶rgensen said although there are no immediate oil and gas supply shortages in the 27-member bloc, there’s pressure on diesel and jet fuel supply as well as 鈥渋ncreasing constraints鈥� in global gas markets that are resulting in higher electricity prices.
鈥淲hat I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,鈥� J酶rgensen told a news conference after a meeting of EU energy ministers.
He said the EU’s executive arm is preparing a string of measures designed to help families and businesses weather the huge spike in oil prices that have resulted in about a 70% price hike for gas and 60% for oil in Europe. Since , the EU鈥檚 bill for imported fossil fuels has jumped by 14 billion euros, according to J酶rgensen.
Closely coordinated action between all EU members is necessary to 鈥渁void fragmented national responses and disruptive signals to the markets,鈥� he said.
The 鈥渢oolbox鈥� of measures now in the works will be unveiled 鈥渜uite soon鈥� and will include ways to make it easier for states to decouple gas prices from electricity prices, the commissioner said. He added that a tax cut on electricity, as suggested by is also being weighed.
J酶rgensen said although he doesn鈥檛 foresee a repeat of the 2022 natural gas crisis where companies reaped huge profits from a massive gas price hike, a one-time 鈥渨indfall tax鈥� on such companies 鈥渋s a possibility.鈥�
There are now 鈥済ood opportunities鈥� for member states to financially support vulnerable groups or industries now under 鈥渆xtraordinary stress鈥� and that the Commission would make 鈥渢hese possibilities even simpler and wider,鈥� said J酶rgensen.
J酶rgensen also encouraged EU members to consider the International Energy Agency鈥檚 10-point plan which includes work from home, reduced highway speeds, encouraging public transport and increasing car sharing.
He said the EU stands by its ban on , which is meant to reduce dependence on Russian gas and choke off funding for Russia’s war in Ukraine. Reliance on Russian gas dropped from 45% before the war to 10% now and will be reduced to zero once imports from other suppliers ramp up, especially from the U.S. The EU is looking at new energy sources from Azerbaijan, Algeria and Canada as well as smaller producers around the world.
The commissioner warned the EU should never 鈥渞epeat the mistakes of the past allowing Putin to weaponize energy against us and blackmail member states.鈥� He added that 鈥渋t would be totally unacceptable鈥� for the EU to continue buying energy that would 鈥渋ndirectly help finance the terrible war that Putin is conducting in Ukraine.鈥�
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