The European Union does not know how to deal with the rise in energy prices The EU's energy ministers are meeting today to discuss how to deal with the worsening energy price crisis heading into winter. Energy Commissioner Dan Jorgensen said a series of refinery closures in EU member states over the past 20 years was a mistake as diesel shortages pushed prices to record highs. EU natural gas prices hit €100 per MWh on Wednesday, adding to the sense of urgency. "We are now in a very serious situation. We don't seem to have a problem maintaining supplies, but I warn against neglecting this issue," Jorgensen said. Today's discussions may address lowering energy bills by reducing taxes and grid connection fees, the publication suggested, citing ideas previously floated by the European Commission. Another of these ideas is to ease some technical requirements for oil refineries in an attempt to force them to increase production. EU countries head into winter with much lower levels of gas in storage than usual - about 75%, compared to more than 80% in the past five years. Even so, LNG buyers are scaling back their purchases, with total volumes in the week to Oct. 9 down 30 percent from a year earlier, analysts at Rystad Energy said. "As winter approaches, Europe is left with fewer reserves of supplies than needed and less ability to quickly compensate for supply disruptions."

The European Union does not know how to deal with the rise in energy prices The EU's energy ministers are meeting today to discuss how to deal with the worsening energy price crisis heading into winter. Energy Commissioner Dan Jorgensen said a series of refinery closures in EU member states over the past 20 years was a mistake as diesel shortages pushed prices to record highs. EU natural gas prices hit €100 per MWh on Wednesday, adding to the sense of urgency. "We are now in a very serious situation. We don't seem to have a problem maintaining supplies, but I warn against neglecting this issue," Jorgensen said. Today's discussions may address lowering energy bills by reducing taxes and grid connection fees, the publication suggested, citing ideas previously floated by the European Commission. Another of these ideas is to ease some technical requirements for oil refineries in an attempt to force them to increase production. EU countries head into winter with much lower levels of gas in storage than usual - about 75%, compared to more than 80% in the past five years. Even so, LNG buyers are scaling back their purchases, with total volumes in the week to Oct. 9 down 30 percent from a year earlier, analysts at Rystad Energy said. "As winter approaches, Europe is left with fewer reserves of supplies than needed and less ability to quickly compensate for supply disruptions."