European Union Energy Commissioner Dan Jorgensen has warned that Britons’ summer holidays are “very likely” to be affected by a looming jet fuel crisis, with potential flight cancellations or significantly higher ticket prices. The warning comes amid disruptions to oil shipments through the Strait of Hormuz due to the war in Iran.
Speaking to Sky News, Jorgensen said Europe is in a “very serious crisis” that currently affects prices but could soon impact supply. “Even if we do everything we can do, if the jet fuel is not there, then it’s not there,” he added. The crisis, he cautioned, could last for “months and maybe even years.”
Europe imports 30 to 40 per cent of its jet fuel, with at least half coming from the Middle East. The International Energy Agency (IEA) has warned that Europe has only about six weeks of jet fuel supply left, describing it as potentially “the largest energy crisis we have ever faced.”
Lufthansa, the German airline group, has already cancelled 20,000 flights to mitigate the soaring cost of oil. The group aims to save 40,000 metric tonnes of jet fuel, which has doubled in price, but expects a stable fuel supply for its summer timetable. Ryanair stated it does not foresee near-term shortages but cautioned that if the Strait of Hormuz closure persists into May or June, “we cannot rule out risks to fuel supplies at some airports in Europe.”
Simon Calder, travel correspondent for The Independent, noted: “Aviation is a low-margin industry. When the price of fuel doubles, flights which were only marginally profitable can become heavily loss-making.” The European Commission has proposed measures to address the impact on energy markets from the US-Israeli conflict with Iran.
