EU prepares for a prolonged energy squeeze
The European Union should brace for a long-term energy crisis driven by the war in the Middle East, and it is looking at “all possibilities” to deal with it, including fuel rationing and the release of additional oil reserves.
That was the message from EU Energy Commissioner Dan Jorgensen in an interview with the Financial Times. He warned that for some critical products, such as jet fuel and diesel, “things could get worse in the coming weeks.”
The warning points to a familiar European problem: energy policy tends to become urgent only after the situation has already become inconvenient, expensive, or both. In this case, the Commission is treating the risk as one that may last rather than a short-term disruption.
According to Jorgensen, the EU is not limiting itself to one fix. Officials are examining a broader set of responses, with the possible use of strategic reserves and the prospect of rationing among the measures under discussion.
The backdrop is the continuing war in the Middle East, which has raised concerns about supply stability and pressure on fuels that are especially important for transport and industry.
