EU Proposes Plan to Soften Energy Price Shock From Iran War

The European Union proposed measures such as optimizing jet fuel distribution and cutting energy taxes to navigate the Iran war-driven crisis that it said could reverberate for years.

“AccelerateEU” — announced by the European Commission on Wednesday — gives member states the tools to curb energy prices and address potential fuel shortages, without undermining the bloc’s climate ambitions or triggering damaging competition between nations. A longer-term objective is to electrify the economy to get rid of dependencies and avert future fossil fuel shocks.