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While the European Commission tones down warnings from energy experts, the airlines are telling a different story.
Scandinavian Airlines has cancelled about a thousand departures; Lufthansa has followed suit by axing 20,000 routes, and Air France-KLM is slapping a €100 surcharge on long-distance tickets.
EU refineries account for roughly 70% of the 27-member bloc’s jet fuel, with the rest usually imported from the Middle East. However, with the Strait of Hormuz closed, the disruption to global oil transit drove jet fuel prices to twice their previous levels.
Last week, the International Energy Agency warned that Europe has roughly six weeks of supply left, which could lead to flight cancellations.
The European Commission argues that flight cancellations are not related to shortages but rather to the airlines’ own lack of profitability.
However, to be on the safe side, it launched AccelerateEU, a plan to coordinate emergency fuel supplies and ensure member states start sharing what’s left in their tanks.
The EU is also eyeing new imports from the US. However, US jet fuel follows slightly different chemical standards.
The European Commission is trying to keep Europeans calm, but the advice from EU transport ministers — who gathered ahead of this week’s summit in Cyprus — is a bit of a climb: they are suggesting Europeans ‘neutralise demand’ by switching to public transport and electric bikes.
It is a noble idea, but you cannot exactly ride an e-bike from Brussels to Ibiza, can you?
The energy crisis debate is likely to be held today and tomorrow at an informal summit of EU leaders in Cyprus. I just wonder how they plan to get there.
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