European Commission President Ursula von der Leyen warned of the increasing economic repercussions of the conflict in the Middle East on European Union countries, in light of the heavy reliance on fossil fuel imports.
Von der Leyen said, today, Wednesday, in a speech before the European Parliament in the French city of Strasbourg, that energy prices have witnessed a noticeable rise since the outbreak of the conflict, explaining that gas prices rose by about fifty percent, while oil prices rose by twenty-seven percent.
She added that the first ten days of the war cost European Union taxpayers about three billion additional euros to cover fossil fuel imports, stressing that this represents the cost of heavy reliance on imported energy.
The President of the Commission explained that the European Commission is currently evaluating additional measures to reduce energy bills, including the possibility of imposing a ceiling on gas prices.
This rise comes after a similar wave witnessed by the European Union following the war between Russia and Ukraine in 2002, which highlights the vulnerability of European energy markets to geopolitical tensions.
Von der Leyen stressed that European efforts to diversify sources of fossil fuel supplies helped limit the effects of the current crisis, but she stressed that Europe is still vulnerable to price shocks, given the global nature of energy markets.
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