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Oil, gas prices won’t immediately return to normal even if Iran war ends, EU warns
Skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won’t return to normal levels any time soon, even if peace is declared tomorrow, the European Union’s energy commissioner warned yesterday.
Commissioner Dan Jorgensen said that although there are no immediate oil and gas supply shortages in the 27-member bloc, there’s pressure on diesel and jet fuel supply as well as “increasing constraints” in global gas markets that are resulting in higher electricity prices.
“What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,” Mr. Jorgensen told a news conference after a meeting of EU energy ministers.
He said the EU’s executive arm is preparing a string of measures designed to help families and businesses weather the huge spike in oil prices that have resulted in about a 70% price hike for gas and 60% for oil in Europe.
-AP
