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The European Union is considering all options to deal with a prolonged energy crisis, including the possibility of fuel rationing and further release of strategic oil reserves, European Energy Commissioner Dan Jorgensen said in an interview with the Financial Times.
According to him, the war in the Middle East is causing long-term shocks to global energy markets. “ This is a long-term crisis and energy prices will remain high for a very long time ,” Jorgensen said, adding that for some critical products the situation is expected to worsen in the coming weeks.
The near-total closure of the Strait of Hormuz and attacks on energy infrastructure in the Persian Gulf have pushed up prices and raised concerns about long-term shortages. The aviation sector is among the hardest hit, with airlines expressing concerns about fuel supplies.
Jorgensen stressed that, although the European Union is not yet in the midst of an immediate supply crisis, European institutions are preparing plans to deal with the structural and long-term consequences of the conflict. He underlined the importance of preparing for worst-case scenarios, although no decision has been taken at present on rationing products such as jet fuel or oil.
"We are not yet at the point where we have changed the existing rules, but we are considering all options ," he said, adding that the use of legislative tools will depend on the escalation of the situation.
The commissioner did not rule out the possibility of a new release of strategic energy reserves if the crisis deepens. Last month, EU member states undertook the largest release of oil reserves in history, with the aim of curbing rising prices.
He stressed that any intervention must be timely and proportionate, keeping all options open for a crisis that is expected to last.
Finally, Jorgensen confirmed that there are no plans for changes to the current legislation regarding imports of liquefied natural gas from Russia, emphasizing that supply from the US and other partners remains an acceptable alternative within the framework of the free market.
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