STRASBOURG – European Commission President Ursula von der Leyen on Wednesday said the Middle East conflict has imposed heavy economic costs on Europe, driving up energy prices and adding billions of euros to import bills.
“Since the beginning of the conflict, gas prices have risen by 50 per cent and oil prices by 27 per cent,” von der Leyen told the European Parliament in Strasbourg.
She said 10 days of war had already cost European taxpayers an extra 3 billion euros (3.48 billion dollars) for fossil fuel imports.
Von der Leyen said the European Commission is assessing additional measures to lower energy bills, including a possible cap on gas prices.
She said the EU had diversified its fossil fuel supplies in recent years, but “this does not mean that we are immune to price shocks. Energy markets are global.”
The surge marks the second time in recent years that geopolitical conflict has triggered sharp rises in EU energy costs, following the Russia-Ukraine conflict in 2022.
The commission is also pushing nuclear power to boost production and cut prices.
Von der Leyen announced on Tuesday that a 200 million euro (231.75 million dollar) EU guarantees to support private investment in innovative nuclear technologies.
EU Energy Commissioner Dan Jorgensen urged member states to cut energy taxes where possible, particularly on electricity, to lower consumer bills.
The commission also unveiled a Clean Energy Investment Strategy aimed at channeling private financing into power grids, clean energy technologies and energy efficiency. (Xinhua/NAN)
