EU Commissioner for Energy and Housing Dan Jørgensen said that the world is facing the worst energy crisis in history.
“The world is facing perhaps the most serious energy crisis in history, which is testing the resilience of our economies, our societies and our partnerships“, he told a press conference.
The European Commissioner also stressed that since the start of the Middle East crisis, the European Union has spent over €300 billion on fuel imports without receiving any additional supplies.
Jørgensen described the situation as worse than the 1973 oil shock and the 2022 energy crisis d.
The EU is already developing contingency plans and potential “rationing” of certain fuels, such as jet fuel.
In the first month of the conflict alone, EU gas prices have jumped by 70% and oil prices by 60%, adding €14 billion to the fossil fuel import bill.
In response to these events, the International Energy Agency (IEA) is coordinating the largest ever release of strategic oil reserves.