EU Energy Commissioner Dan Jørgensen told ministers in Dublin that rising energy prices tied to the Iran conflict have cost EU consumers more than €100 billion, highlighting the bloc's vulnerability to fuel imports. The IEA warns Europe is particularly exposed on diesel ahead of winter and is closely monitoring markets and potential stock releases. Jørgensen urged accelerated electrification and investment in domestic renewables to reduce dependence and protect households and businesses.
Iran Conflict Has Cost EU Consumers Over €100 Billion — Commissioner Urges Energy Independence
A price board at a gas station in the city displays the fuel prices. (is associated with: «Iran war has cost EU energy consumers over €100 billion») Robert Michael/dpa
Rising energy prices linked to the war in Iran have already cost consumers across the European Union more than €100 billion, EU Energy Commissioner Dan Jørgensen said on Tuesday in Dublin. Speaking to EU energy ministers, he warned the figure underscores the bloc's unsustainable dependence on imported fossil fuels.
Impact and Risks
Diesel and petrol prices have surged recently. Reports that US President Donald Trump considered halting diesel exports heightened concerns because the United States is an important supplier to Europe. Commissioner Jørgensen said he sent a clear signal to his American counterpart and to the public that maintaining as free a flow of energy as possible is in everyone's interest.
'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.
He welcomed comments from US Energy Secretary Chris Wright, who has reportedly dismissed the idea of an export ban.
IEA Concerns
Fatih Birol, director of the International Energy Agency (IEA), said the agency is advising partners worldwide, including the United States, on diesel and gas supplies. '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,' Birol said.
The IEA is closely monitoring product markets and the prospect of releasing strategic stocks to ease tight supplies.
Policy Response
Jørgensen pointed to EU legislation currently under negotiation between member states and the European Parliament that aims to reduce fossil-fuel consumption and accelerate electrification. 'We need to replace the fossil fuels, the imported polluting expensive molecules, with homegrown energy, green electrons,' he said, urging faster rollout of renewable power, grid upgrades and energy-efficiency measures.
Analysts say reducing import dependence will require sustained investments in renewables, storage and demand-side measures to protect households and businesses from future price shocks.
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