"The oil market is currently in a panic from what we have been observing since the morning, because early this morning the Israeli strikes actually took place".
This is what Svetoslav Benchev, chairman of the "Bulgarian Oil and Gas Association" (BPGA), told the Bulgarian National Radio:"The market simply does not know what is happening and decides to be sure. There is a serious increase, by about 7 dollars per barrel, which is almost 10%, 76-77 dollars were the last quotes I saw. From now on, everything depends on what the escalation of the conflict will be, because when there is a conflict affecting a producing country, especially Iran, especially one on which what will happen in the Strait of Hormuz depends, the market really reacts like this. Whether this trend will be long-lasting depends on the escalation of the conflict. Unfortunately, what we see is that the possibility of a serious increase in tension is present.
The Bulgarian Oil and Gas Association has launched a partnership initiative - the "Tour of Europe" - to present the capabilities of the European automotive industry to demonstrate the decarbonization potential of renewable fuels, raise awareness of their availability in Europe and their role in achieving the European Union's goal of climate neutrality by 2050.
"We want to show that the transition will not happen with electric vehicles alone," he said in an interview for the program "Above All" on the "Horizont" program. the chairman of the Association "Bulgarian Oil and Gas Association":Let's make the transition more socially acceptable, because with these cars, citizens and businesses will ultimately not have to buy new electric vehicles, but they will be internal combustion. This is ultimately the most important thing - to preserve this and make things really happen".