In the United States, which celebrates Memorial Day Monday, gasoline prices soared to record highs on the National Day. Consumers paid well over $4 a gallon at gas stations. To temper the development, the White House is considering an export ban on oil products. Experts expect further price increases until the end of the summer.
The national average for gasoline was over $4 a gallon. As a result, fuel was twice as expensive as last year. In California, prices of more than eight dollars (about 7.50 euros) were even quoted in some places.
The reason is apparently the limited capacity at the refineries. The White House had therefore recently considered an export ban on oil products. Such a move would hit EU countries particularly hard.
IEA chief warns of fuel shortages in the summer
The head of the International Energy Agency (IEA), Fatih Birol, warns of a fuel shortage in Europe given the tense crude oil markets. “It could be tight in oil markets next summer,” he told the German news magazine “Spiegel”.
“As the holiday season starts in Europe and the US, the demand for fuel will increase. Bottlenecks can then arise: for example with diesel, petrol or kerosene, especially in Europe.” The European countries are “dependent not only on crude oil supplies from outside, but also on imports of oil products,” Birol continues.
“Much bigger” than oil shocks in the 1970s
The head of the IEA sees the current energy crisis as “much bigger” than the oil shocks of the 1970s – and he believes it will last longer, too. “Back then it was all about oil,” Birol said. “Now we have an oil crisis, a gas crisis and an electricity crisis at the same time.”
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
