Gulf energy disruptions raise Europe’s costs ahead of winter
Higher fuel costs are reaching households and industry, while fertiliser and shipping pressures add to the strain as winter approaches.
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Higher fuel costs are reaching households and industry, while fertiliser and shipping pressures add to the strain as winter approaches.
Disrupted Gulf energy supplies and restrictions on shipping through the Strait of Hormuz are pushing up European fuel costs as winter approaches, Al Jazeera said on October 25. The pressure extends beyond household energy bills to industrial fuel, fertiliser and freight.
The war began with US and Israeli attacks on Iran on February 28. Nearly eight months later, disruption to energy supplies continues to add to Europe’s living costs.
In her October 16 account, European Commission President Ursula von der Leyen said households and industry were bearing the costs of the war. She gave three measures of the increase:
| Measure | Increase |
|---|---|
| Europe’s fossil-fuel import bill | €106 billion |
| Gas prices since late February | About 140% |
| Diesel prices | Doubled |
These figures are von der Leyen’s account of the increases. Detailed calculation methods were not supplied.
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Hilborne said shipping companies also faced large increases in insurance premiums, longer journeys after rerouting, or both. Those pressures affect supply chains as well as the fuel being transported: companies must pay more to insure cargo voyages or take longer routes.
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