EU Energy Commissioner: The War in Iran Has Cost European Consumers More Than €100 Billion

Rising energy prices caused by the war in Iran have so far cost consumers in the European Union more than €100 billion, European Energy Commissioner Dan Jorgensen said on Tuesday in Dublin, during a meeting of EU energy ministers.

The European official warned that dependence on energy sources from outside Europe is unsustainable and called for an accelerated transition to local production and electrification. Jorgensen appealed for energy flows to remain as free as possible after rising petrol and diesel prices prompted US President Donald Trump to consider halting diesel exports.

Such a measure would affect Europe, which is among the largest diesel importers and is approaching the cold season. International Energy Agency Executive Director Fatih Birol said the agency is closely monitoring oil product markets and providing advice to partners, including the United States, on petrol and diesel.

Jorgensen welcomed the rejection of the ban by US Energy Secretary Chris Wright. Meanwhile, member states and the European Parliament are negotiating legislation aimed at reducing the use of fossil fuels and boosting locally produced energy.