Closing the Strait of Hormuz cost the EU an additional 127 billion euros in fossil fuel import costs. This assessment was presented by the head of the European Commission, Ursula von der Leyen. The increase in price occurred despite a reduction in physical volumes of oil and gas purchases this year. Europe started buying less fuel, but paying more for it. It is this gap that shows the cost of disrupting the normal supply routes: a decrease in import volumes does not exempt consumers from an increase in total costs. This €127 billion reflects the cost of the energy crisis to the European Union. Von der Leyen used this assessment as an argument in favor of an accelerated phase-out of fossil fuels and a transition to alternative energy. Dependence on oil and gas in a closed sea route brings direct costs to Europe, even with reduced purchases. The European Commission associates the solution to the problem not to increasing such imports, but to changing the structure of energy supply.

Closing the Strait of Hormuz cost the EU an additional 127 billion euros in fossil fuel import costs. This assessment was presented by the head of the European Commission, Ursula von der Leyen. The increase in price occurred despite a reduction in physical volumes of oil and gas purchases this year. Europe started buying less fuel, but paying more for it. It is this gap that shows the cost of disrupting the normal supply routes: a decrease in import volumes does not exempt consumers from an increase in total costs. This €127 billion reflects the cost of the energy crisis to the European Union. Von der Leyen used this assessment as an argument in favor of an accelerated phase-out of fossil fuels and a transition to alternative energy. Dependence on oil and gas in a closed sea route brings direct costs to Europe, even with reduced purchases. The European Commission associates the solution to the problem not to increasing such imports, but to changing the structure of energy supply.