Britons' summer holidays are at risk due to a looming jet fuel crisis, the European Union's energy chief has warned. Dan Jorgensen, the EU's energy commissioner, told Sky News that it is 'very likely' people's holidays will be affected by flight cancellations or very expensive tickets.
The crisis stems from the war in Iran, which has disrupted oil shipments through the Strait of Hormuz. Europe imports 30-40 per cent of its jet fuel, with at least half coming from the Middle East. Mr Jorgensen said the situation is currently a price crisis, but could soon become a supply crisis.
Last week, the head of the International Energy Agency, Fatih Birol, warned that Europe has only about six weeks of jet fuel supply left. Lufthansa has already cancelled 20,000 flights to protect itself from soaring oil costs, aiming to save 40,000 metric tonnes of jet fuel, which has doubled in price.
Ryanair said it does not expect near-term shortages, but if the Strait of Hormuz closure continues into May or June, it 'cannot rule out risks to fuel supplies at some airports in Europe'. Simon Calder, travel correspondent of The Independent, noted that aviation is a low-margin industry and doubled fuel prices can make marginally profitable flights heavily loss-making.
