Brussels, Mar 11 (LaPresse) – “We are already seeing the impact of the situation in the Middle East on energy. Thanks to actions taken in recent years, Europe is now much less exposed to fossil fuel imports. Our diversification efforts are paying off. But this does not mean we are immune to price shocks. Energy markets are global. Disruptions in the Gulf quickly affect prices everywhere. We are already witnessing price spikes,” said European Commission President Ursula von der Leyen in her address to the European Parliament plenary on the conflict in Iran and ahead of the European Council on March 19.
“However, regardless of the measures taken, as long as we import a significant share of fossil fuels from unstable regions, we remain vulnerable and dependent. And this energy always comes at a cost. For example, since the beginning of the conflict, gas prices have risen by 50% and oil by 27%. Translated into euros, 10 days of war have already cost European taxpayers an additional 3 billion euros in fossil fuel imports. That is the price of our dependence,” she emphasized.
“The fact is that we have domestic energy sources: renewables and nuclear. Their prices have remained unchanged over the past 10 days. Yet, in the current crisis, some argue that we should abandon our long-term strategy and even return to Russian fossil fuels. That would be a strategic mistake. It would make us more dependent, more vulnerable, and weaker. Therefore, we should maintain the course of our long-term strategy. Even if we can be more pragmatic and smart in its implementation, the direction is the right one,” she underlined.