Giorgos Autias proposes European fuel reserve mechanism

European Parliament member Giorgos Autias has proposed the creation of a European fuel reserve mechanism to address the ongoing oil crisis. In a formal inquiry directed to Economic Commissioners Valdis Dombrovskis and Piet Seraphim, Autias highlighted the vulnerability of the European Union to external shocks caused by energy supply disruptions.

Autias noted that constant volatility in international oil prices and ongoing geopolitical tensions continue to increase the costs of transportation, production, and the general cost of living for European citizens. He emphasized that the current situation necessitates ensuring adequate fuel reserves and better coordination among member states to collectively manage energy crises. The proposal asks the European Commission whether it intends to examine the establishment of a common strategic oil reserve to complement national reserves.