Energy expert and analyst Osama Rizvi believes high fuel prices have become a “structural feature” of the market, warning that it could take months for supplies to recover and prices to fall.
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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 warned that the prolonged war in the Middle East should serve as a "wake-up call". The EU should ensure that there is an adequate refining capacity at home, he said. Rizvi thinks the world needs a "refinery revolution" and have more refineries spread "across the globe" so they don't become "vulnerable" during geopolitical crisis.
