Von der Leyen: We will feel the consequences of the war in the Middle East for years, the EU must coordinate the release of oil reserves

(Patria) - The consequences of the Israeli-American war against Iran will be felt for months, even years, said European Commission President Ursula von der Leyen in a debate in the European Parliament in Strasbourg.

“The harsh reality that we all have to face – the consequences of this conflict could be felt for months or even years to come. This is the second major energy crisis in a short period of four years,” said Von der Leyen in a debate on the EU's strategy in response to the Middle East crisis, its implications for energy prices and fertilizer availability.

She pointed out that in the European Union, in 60 days of conflict, the bill for fossil fuel imports increased by more than 27 billion euros for the same amount of energy imported before the war.

“We are losing almost 500 million euros a day,” she said. Therefore, Europe must free itself from dependence on fossil fuels.

The Commission President states that member states with more low-carbon sources in their energy mix are less affected by the crisis, highlighting the example of Sweden.

“In Sweden, when the price of gas increases by 1 euro per megawatt-hour (MWh), the electricity bill increases by only 0.04 EUR per MWh, because almost all Swedish electricity comes from renewable sources and nuclear energy,” she said.

Given that all member states have different energy mixes, there is no single solution that would be applicable to all in this crisis.

“We propose stronger coordination, not only in filling national gas storage facilities, but also when it comes to fuel reserves – especially jet fuel and diesel, where markets are shrinking. We can be much more efficient if we coordinate the release of oil reserves and ensure that refineries can increase production across the Union,” said Von der Leyen.