Energy analyst and expert Osama Rizvi said the high cost of fuel has become a “structural feature” of the market, warning that it could take months for supplies to recover and for prices to ease.
The European Commission is treating the loss of refining capacity as a vulnerability that Europe can no longer afford to ignore.
Energy Commissioner Dan Jørgensen said the prolonged war in the Middle East should serve as a “wake-up call.” The EU should ensure that adequate refining capacity exists at home, he said. Rizvi believes the world needs a “refinery revolution” and that more refineries should be spread “across the globe” so they do not become “vulnerable” during a geopolitical crisis.
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