The Strait of Hormuz closure has cost Europe an extra $142 billion for the same energy it was already buying

Four years after Russia’s invasion of Ukraine forced Europe to scramble for new energy suppliers, the bloc is in another fuel crisis. European Commission President Ursula von der Leyen said this week Europe has paid an extra €127 billion (a little over $142 billion) for imported oil and gas since the effective closure of the Strait of Hormuz, and it has received no additional energy in return for it. “Since the closure of the Strait of Hormuz, imported fossil fuels cost Europe an additional €127 billion without a single molecule of energy in addition,” von der Leyen said in a…

Source: Fortune Crypto