EU must curb energy prices to prevent people turning to populists, commissioner warns – as it happened

What Happened

European Commissioner for Energy and Housing Policy Dan Jørgensen stated that EU governments may need to implement temporary, targeted subsidies for fossil fuels to mitigate rising energy prices and prevent political instability. This follows reports from the International Energy Agency that global oil prices have reached $92 a barrel, a $20 increase since March, while European gas prices have hit their highest levels since winter 2022. EU estimates indicate the bloc has spent an additional €110bn on energy costs due to supply disruptions linked to the war in the Middle East and the ongoing conflict in Ukraine.

Key Actors

Why It Matters

The surge in energy costs threatens to undermine public support for EU climate policies and exacerbate domestic political polarization. The economic strain, compounded by the war in the Middle East and the conflict in Ukraine, has forced EU leaders to balance immediate consumer relief with long-term carbon emission reduction targets.

Watch For

Monitor the outcomes of the two-day EU summit in Brussels regarding potential new measures to address energy price volatility. Additionally, observe the impact of the proposed one-year delay to EU methane emissions rules and any further developments concerning the reported drone attacks on ships off the Black Sea coast involving Romania and Bulgaria.