European Union Warns of Energy Price Crisis

Dan Jorgensen, the European Union’s Energy Commissioner, said the bloc is facing an energy price crisis as a result of the repercussions of Iran’s war on oil and gas markets, and urged countries to consider taking measures to curb energy demand. In a letter addressed to the EU’s energy ministers, he added, “We are facing a price crisis linked to a supply crisis.” He clarified that although the European Union is better prepared now than it was during the winter of 2021, when Russia reduced gas supplies to Europe by cutting volumes, governments must intensify their preparations for this winter. Jorgensen said, “I call on you to consider adopting or continuing to adopt measures that would help maintain gas storage injections or reduce gas and electricity demand as long as it is necessary.”