NICOSIA, Cyprus (AP) 鈥� The energy commissioner said Wednesday that while there is no immediate threat to jet fuel supplies, the possibility of a longer-term shortage cannot be ruled out.
Commissioner Dan J酶rgensen told reporters that any shortage will depend on how the and the situation in the Strait of Hormuz will unfold, as well as how airlines will react after some companies 鈥� including the German 鈥� canceled a significant number of flights.
Fighting around the , from which a fifth of the world鈥檚 oil typically passes, has disrupted supplies and .
While J酶rgensen said 鈥渨e鈥檙e not there yet鈥� in terms of a jet fuel shortage, he said the bloc鈥檚 executive arm will start talks with member states 鈥渙n how best to address the situation,鈥� without offering any specifics.
The Iran war has caused the price of jet fuel to more than double in some markets since late February and airlines are because fuel costs account for a huge chunk of their operating expenses.
Last month, International Energy Agency Chief Fatih Birol told The Associated Press in an exclusive interview that Europe has of remaining jet fuel supplies.
He also warned of possible flight cancellations 鈥渟oon鈥� if oil supplies remain .
The commissioner said the fact that the bloc has paid 35 billion euros ($41 billion) in additional costs for the same amount of fuel since the start of the Iran war underscores the need for a rapid transition away from fossil fuels.
鈥淩eally, this is not an energy crisis. This is a fossil fuel crisis,鈥� J酶rgensen said, adding that even though the EU has diversified its energy supply, it has become more energy efficient and has added more renewables since the 2022 Russian invasion of Ukraine.
Michael Damianos, the energy minister of Cyprus which currently holds the EU鈥檚 rotating presidency, said fossil fuels such as natural gas will remain in the bloc鈥檚 energy mix in the foreseeable future even as the goal of a 90% drop in greenhouse emissions by 2040 remains firm. He added that discovered off Cyprus鈥� southern coast could reach European markets by late next year, early 2028.
J酶rgensen said the EU remains 鈥渧ery committed鈥� to reducing greenhouse gas emissions quickly because 鈥渢he climate crisis will not go away.鈥�
Over the long term, the EU commissioner said the bloc is in talks with Gulf nations to see how the flow of energy from the region is restored after a negotiated peace with Iran is in place.
Last month, EU Council President Antonio Costa and EU Commission President Ursula von der Leyen said the bloc was ready to for new projects conveying energy to global markets that wouldn鈥檛 be held hostage to war or geopolitical strife.
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