New rally for oil prices on the stock exchanges, at 121 dollars / barrel. Oil prices are once again at a high level, as at today’s 27-nation summit, which will be attended by the US president, Europeans are close to an agreement aimed at reducing Europe’s dependence on Russian energy, perhaps with a new package of sanctions.
The price at the pump
The new jump in international prices, of course, is expected to trigger a new rally soon in the prices of gasoline in the pump, which had slightly de-escalated compared to the price of Brent last week.
The average price of unleaded in Athens and Thessaloniki is close to 2 euros and is expected to increase.
And while households and businesses are groaning under the grip of mainly energy prices, the financial staff says there is no fiscal space for extra support.
At the same time, the Commission announced yesterday a temporary state aid framework due to the war, which will allow Member States to:
(i) grant limited amounts of aid to undertakings affected by the current crisis or related sanctions and countermeasures
(ii) ensure that there is still sufficient liquidity for businesses; and
(iii) reimburse companies for the additional costs they have incurred due to the extremely high gas and electricity prices.
For example: If Member States wish to minimize the impact of the sharp increase in the cost of production factors, they can immediately introduce lending schemes of up to € 400,000 per company affected by the crisis.
The Commission effectively enables Member States to use tools similar to those used in the pandemic but with one key difference: Without the common European funding given during the pandemic.
Thus, as it seems so far, each Member State for the time being will go it alone to support households and businesses, which means that countries like Greece, which do not have the financial capacity, are with their hands tied. in the energy tsunami.
There may not be co-financing at the moment, but it looks like Europe will at least ally itself with finding energy products outside Russia. The leaders of the 27 are expected to commit at today’s summit and on Friday that “they will work together for joint supplies of gas and hydrogen.”
The Commission will set up a working group on joint procurement at European Union level with the aim of supplying energy products using the vaccine model.
The European Commission also wants to oblige each Member State to cover its strategic gas reserves “at least 80%” by 1 November, and then 90% before each winter in the coming years.
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