Diesel prices are surging putting further pressure on Europe. Ukraine is only part of the story.

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1. 1h ago

   Diesel Surges Across Europe As Supply Crunch Deepens

   Diesel prices are surging across Europe, intensifying economic strain and inflation for the region's trucks, farms, and industry. The European Union has warned of very high winter energy prices and an energy price crisis, prompting the European Commission to ask countries to cut gas demand and energy demands as costs surge. The energy shock has also been heavily exacerbated by the United States-Iran war, which has added over $113 billion or 100 billion euros to the European Union's fuel bill.

   Why it matters

   Europe relies heavily on diesel to power core sectors of its economy, making soaring prices a major threat to stability. European governments have attempted to offset the pain of high fuel prices using subsidies, taxes, and policy pauses, while also seeking energy alternatives. A potential United States export ban threatens to make the ongoing diesel crunch even worse.

   What is confirmed

   • Diesel prices are soaring due to refinery disruptions, supply shortages, and geopolitical tensions.
   • The European Commission called on countries to cut energy demands as costs surge and warned of an energy price crisis.
   • EU nations have spent over $113 billion extra, or 100 billion euros, since the United States-Iran war began.

   Still unconfirmed

   • A potential United States export ban could make Europe's diesel crunch even worse.
   • The United States is blaming Ukraine for diesel shortages according to global supply chain reports.

   What to watch next

   • Decisions by EU capitals on curbing energy demand and cutting gas usage
   • Whether the United States implements an export ban on diesel
   • Winter energy pricing and supply updates from the European Commission
   Sources used for this update (15)

   1. Euronews.com — EU tells capitals to cut gas demand amid rising supply concerns
   2. politico.eu — EU Commission calls on countries to cut energy demands as costs surge
   3. Reuters — EU warns of energy price crisis, asks countries to consider curbing demand, letter shows
   4. AP News — Europe uses subsidies, taxes and policy pauses to offset pain of high fuel prices
   5. Euronews.com — How European governments are trying to ease the fuel price shock
   6. dw.com — Diesel prices are surging putting further pressure on Europe. Ukraine is only part of the story.
   7. www.dw.com — Why diesel prices are soaring and what it means for Europe
   8. newsday.com — EU nations seek energy alternatives after spending over $113 billion extra since Iran war began
   9. Financial Times — US-Iran war adds €100bn to EU’s fuel bill
   10. Fortune — Europe faces $11 per gallon gas and a $113 billion energy shock from Iran war
   11. RTE.ie — EU warns of 'very high' winter energy prices
   12. guavy.com — Diesel Prices Soar as Global Supply Chain Disruptions Bite
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