Good morning.
With the four-week anniversary of the unprovoked US-Israeli attack on Iran tomorrow (Saturday 28 March), a quick 'tour of horizon' of where we are with the incoming and impending fuel restrictions and energy price rises across Europe (and a bit beyond).
On Wednesday, the head of Europe's largest oil company, Shell, warned an oil industry conference in Texas that Europe could face a fossil-fuel shortage within weeks (it's best to listen to the money men on this stuff, rather than the politicians).
CEO Wael Sawan said: “South Asia was first to get that brunt. That’s moved to south-east Asia, north-east Asia and then more so into Europe as we get into April.”
That seems broadly correct. The Philippines has already declared a national emergency. That will last a minimum of 12 months.
Japan and South Korea have announced their largest-ever release of strategic oil reserves. India’s prime minister Narendra Modi has warned the country’s 1.45 billion people to prepare for a Covid-like situation.
No European country has - yet - imposed serious fuel rationing.
Spain has led the bloc, as Madrid has in its opposition to the US-Israeli war. Pedro Sánchez announced a €5bn, 80-strong package of measures, reducing VAT on electricity and taxes on petrol and diesel, and sector-specific for lorries, farmers and fishermen.
Non-EU Norway was voting on Thursday to cut taxes on petrol and diesel. Slovenia has imposed limits on fuel sales for both private and commercial vehicles. Greece has imposed a three-month cap on fuel profit margins.
And my native UK? Er…nothing really. Chancellor Rachel Reeves said this week she is keeping the situation under review. There will be an update on fuel “next month”. But quietly on Thursday, the government reopened a mothballed CO2 plant in the north of England, whose gas is needed for medicines and food.
Seems pretty bleak.
Matt Tempest, comment editor
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