STRASBOURG, France, March 11– European Commission President Ursula von der Leyen said on Wednesday 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 percent and oil prices by 27 percent,” 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 U.S. 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 Tuesday a 200 million euro (231.75 million dollar) EU guarantee to support private investment in innovative nuclear technologies.
EU Energy Commissioner Dan Jorgensen urged member states Tuesday to cut energy taxes where possible, particularly on electricity, to lower consumer bills.
The commission on Tuesday also unveiled a Clean Energy Investment Strategy aimed at channeling private financing into power grids, clean energy technologies and energy efficiency. (Namibia Daily News / Xinhua)
