European fuel prices climb amid Middle East and Ukraine conflicts
Fuel prices are climbing across Europe, thanks to ongoing conflicts in the Middle East and Ukraine.
To help ease the squeeze, European governments are rolling out subsidies, tax breaks, and new policies, basically pulling out all the stops to keep energy costs from spiraling.
An OECD report also says countries around the world have intervened since the start of the Iran war to limit the economic impact of tighter energy supplies and soaring fuel prices.
EU nations pursue varied energy measures
EU nations are taking their own paths: Germany is bringing back fuel tax cuts and looking into a price cap;
France just launched a €450 million relief package to help more people with fuel costs;
and Italy is delaying the planned closure of coal-fired power plants and cutting paperwork for oil and natural gas projects.
The EU as a whole is letting member states give extra support to key sectors like farming and transport, while also watching its relationship with the US since any changes in US diesel exports could make things even trickier for Europe's energy supply.