Rising energy prices due to the war in Iran have so far cost consumers in the European Union over €100 billion, EU Energy Commissioner Dan Jørgensen said on Tuesday.
“This, of course, shows us just how bad it is for us to be dependent, just how unsustainable it is for us to be dependent on energy sources from other places in the world,” Jørgensen said in Dublin at a meeting of EU energy ministers.
Diesel and petrol prices have surged recently, prompting US President Donald Trump to consider halting diesel exports.
The move could have consequences for Europe as the US has been one of Europe’s most important suppliers.
“I’ve sent a very clear signal to my American counterpart and also the public, which is that it is not in the interests of anybody, not the US, not us, to not have as free a flow of energy as possible in these difficult times,” Jørgensen said.
The energy commissioner said he was pleased that US Energy Secretary Chris Wright dismissed an export ban.
The director of the International Energy Agency (IEA), Fatih Birol, said his organization was advising partners around the world, including the US, on diesel and on gas.
“Europe is one of the most exposed regions, if not the most exposed one, when it comes to diesel because Europe imports a huge amount of diesel, and we are entering the harsh season, the winter season,” said Birol in Dublin.
Concerning potential releases of stocks, Birol said that the IEA was closely monitoring product markets.
Jørgensen referred to EU legislation that is currently being negotiated by member countries and the European Parliament with the aim to reduce the consumption on fossil fuels and to boost electrification.
“We need to replace the fossil fuels, the imported polluting expensive molecules, with homegrown energy, green electrons,” he said.