"The EU is facing energy-saving measures such as reduced air travel, highway speed limits, and work-from-home directives as the war has resulted in the blockage of the Strait of Hormuz, the transit corridor for about 20 percent of the world's oil and gas."
"These measures might include more flexible state aid rules for energy companies as well as a push for more renewables and nuclear energy."
"The 27-nation bloc is already bracing for a big economic hit if the war drags on, with potential burdens as heavy as during the Covid-19 pandemic or the first few months of the Ukraine war."
"While the direct exposure of the EU to supply from the region prior to the conflict is limited, we are depending on global markets for our fossil fuels supply in direct competition with other consumers."
Key European Union oil and gas groups are convening to address the impact of the US-Israel-led war with Iran on energy prices and supplies. The conflict has led to the blockage of the Strait of Hormuz, affecting 20 percent of global oil and gas transit. The EU is considering energy-saving measures and potential emergency actions, including a cap on gas prices and taxation of energy companies' profits. The economic impact of the war could be significant, comparable to the Covid-19 pandemic and the early months of the Ukraine war.
Read at RadioFreeEurope/RadioLiberty
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