EU under pressure as oil hits $100 and energy prices spiral
Energy prices have surged across Europe as tensions in the Persian Gulf push oil above $100 a barrel. Several EU countries are now urging the European Commission to take stronger action. Italy, Austria, Slovenia, and Slovakia are leading calls for emergency measures to tackle rising costs and inflation risks.
The recent spike in oil and gas prices has put pressure on EU economies, with Italy warning of inflation risks if no unified response is agreed. Finance minister Giancarlo Giorgetti criticised the Commission's cautious approach at a recent meeting, demanding the use of tools introduced after Russia's invasion of Ukraine.
Austria and Slovenia have also pushed for immediate steps, including taxes on energy firms' windfall profits and coordinated refilling of gas reserves. Slovakia, alongside other nations, is waiting for concrete proposals at upcoming EU summits. So far, the Commission has avoided activating EU-wide emergency powers, focusing instead on long-term plans like diversifying energy sources and tax reductions. But with prices climbing, more countries are calling for a return to the crisis measures used in 2022, such as relaxed state aid rules and coordinated demand cuts.
The Commission faces growing demands to act as energy costs continue to rise. Italy, Austria, Slovenia, and Slovakia want faster solutions, including emergency powers to ease financial strain. Without new measures, inflation and economic instability could worsen across the bloc.
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