The Strait of Hormuz closure has cost Europe an extra $142 billion for the same energy it was already buying
Source: Fortune ·
Ursula von der Leyen told a Brussels startup summit importing oil and gas means importing “the shocks and crises that come with them."
From the source
Four years after Russia’s invasion of Ukraine forced Europe to scramble for new energy suppliers, the bloc is in another fuel crisis. European Commission President Ursula von der Leyen said this week Europe has paid an extra €127 billion (a little over $142 billion) for imported oil and gas since the effective closure of the Strait of Hormuz, and it has received no additional energy in return for it. “Since the closure of the Strait of Hormuz, imported fossil fuels cost Europe an additional €127 billion without a single molecule of energy in addition,” von der Leyen said in a keynote at the WinWin Brussels Summit. In April, about seven weeks into the war, the Commission put the extra cost at €24 billion (about $27 billion). By late September, EU energy commissioner Dan Jørgensen said it had passed €100 billion (about $111 billion), similarly echoing our ninth-grade science class building and saying that the bloc hadn’t received “one extra molecule of gas or oil.” “When we import oil…
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