Europe will face a difficult summer of possible fuel shortages and other oil-related problems, and even the best case scenario will be tough, said Dan Jorgensen, the European Union Energy Commissioner, on Tuesday.
“I have to be quite blunt and say that even in the best case scenarios, it’s not a very good case,” he said, speaking at an event in Madrid, Spain. Even if the Iran war ended today and the Strait of Hormuz fully reopened – not a very realistic prospect – “it’ll take more than a couple of years to get back to the production levels that we have now,” he added.
When asked about the option of imposing a windfall tax on oil and gas…