EU Plans Refinery Expansion as Energy Crisis Pushes Fuel Prices Higher
“Once again, due to geopolitical turbulence, Europe faces another energy crisis,” Jorgensen told a press conference in Brussels.
He explained that crude oil and refined petroleum products had become considerably more expensive on international markets, increasing financial pressure on European households and businesses.
“Fuel bills in the EU are skyrocketing,” he said, warning that limited global diesel supplies were expected to persist well into 2027, potentially keeping prices elevated.
Jorgensen emphasized that European refineries had remained essential to maintaining reliable energy supplies, particularly aviation fuel, despite difficult market conditions.
He also pointed out that approximately one-quarter of the EU's refineries had closed over the past 20 years, contributing to a roughly 10% decline in the bloc's domestic refining capacity. Meanwhile, the sale of refining assets had gathered pace across Europe.
“But this crisis is a wake-up call: We need to counter this trend and ensure that we have adequate and flexible refining capacity in Europe. Today and for the future,” he said.
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