European drivers face 220 a year jump in fuel costs due to Iran conflict, say experts

"A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying 55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of 220 for each driver, with higher-mileage drivers facing even bigger hikes."

"Electric vehicles are already significantly cheaper to fuel than petrol or diesel vehicles but the surge in oil prices is widening the gap further. In the UK, the annual saving was already 870 a year but would jump to more than 1,000 a year with a $100 oil price, the ECIU said."

"Europe's oil dependency creates a geopolitical premium whenever there is global volatility, said Antony Froggatt at T&E. This will continue to put pressure on households and cripple Europe's economy, unless we structurally end our reliance on imported fossil fuels."

Oil price increases to $100 per barrel, driven by geopolitical tensions including the Iran conflict, impose significant costs on European motorists. EU drivers face approximately €220 annual increases, while UK drivers face £140 increases for typical mileage. These estimates compare current prices to pre-conflict levels from 2017-2019. Electric vehicles demonstrate substantial financial advantages, with UK EV drivers saving over £1,000 annually compared to petrol or diesel vehicles at $100 oil prices. The 7.7 million electric cars in the EU reduce daily oil consumption by approximately 40 million barrels at elevated prices. Europe's dependency on imported fossil fuels creates vulnerability to geopolitical disruptions, necessitating structural shifts toward renewable energy sources.

Read at www.theguardian.com