Story perspectives

EU Warns Gas Price Crisis, Urges Demand Cuts

By Drooid · Sep 27, 2026, 6:19 PM UTC · How we work

Summary

Story summary

EU Energy Commissioner Dan Jørgensen warned of a price crisis linked to a supply crisis.
He urged EU ministers to cut gas and electricity demand as long as needed.
The Sept. 25 letter said gas prices have more than doubled since the U.S.-led war on Iran.
EU rules note storage at about 70% capacity and let countries aim for an 80% target to ease price pressure.

History

Historical Context

In October 1973 OAPEC imposed an oil embargo on the United States, the United Kingdom and others, sending crude prices from $3 to $12 per barrel—a rise of nearly 300 %. The shock highlighted European energy-security concerns, a backdrop for today’s EU aim of 80 % gas-storage capacity cited by Energy Commissioner Dan Jørgensen.

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Story summary

EU Energy Commissioner Dan Jørgensen warned of a price crisis linked to a supply crisis.
He urged EU ministers to cut gas and electricity demand as long as needed.
The Sept. 25 letter said gas prices have more than doubled since the U.S.-led war on Iran.
EU rules note storage at about 70% capacity and let countries aim for an 80% target to ease price pressure.

1 / 2