00:00The EU's Energy Commissioner has warned that soaring oil and gas prices in Europe resulting from the Iran war will
00:07not return to normal any time soon, even if peace is declared tomorrow.
00:12According to Commissioner Dan Joggensen, although there are no immediate shortages of oil and gas supplies across the 27-member
00:18bloc,
00:19there is pressure on diesel and jet-filled supplies, as well as increasing constraints in global gas markets, which are
00:27driving up electricity prices.
00:29Nobody knows how long the crisis will be, but I think it's very important to underline that it will not
00:39be short,
00:39because even if there was a peace tomorrow, there would still be consequences,
00:46because energy infrastructure in the region has been ruined by the war and continuously is being ruined by the war.
00:59So, obviously we all hope for a peace as soon as possible, but what I find extremely important is to
01:10state as clearly as I can,
01:12that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future.
01:21Joggensen rejected the possibility of the EU going back on its ban on Russian gas purchases.
01:27Reliance on Russian gas was 45% before the war on Ukraine began in 2022 and is now at around
01:3410%.
01:35He said that, quote,
01:36It would be totally unacceptable for the EU to continue buying energy that would, quote,
01:42indirectly help finance the terrible war that Russian President Vladimir Putin is waging in Ukraine.
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