"German airline Lufthansa said this week it would cut 20,000 flights from its schedule through the fall to save on jet fuel. 'That's massive,' said Rico Luman, a senior economist for ING Research based in Amsterdam."
"'We are facing the biggest energy security threat in history,' said Fatih Birol, the head of the International Energy Agency, in an interview with CNBC on Thursday."
"'Europe normally gets a large percentage of its jet fuel imports from refineries in the Middle East, and this is basically now almost zero,' Birol said."
"'I really hope that, first of all, the strait is opened,' Birol said, emphasizing the urgency of the situation regarding jet fuel supplies."
The cost of jet fuel has doubled since the start of the U.S. and Israeli-led war in Iran, impacting European airlines significantly. Lufthansa announced a reduction of 20,000 flights to save on fuel costs. Other airlines like KLM and Scandinavian Airlines are also cutting schedules, though not as drastically. Energy experts warn that prolonged closure of the Strait of Hormuz could lead to higher prices and shortages. Europe is attempting to replenish jet fuel supplies through imports from the U.S. and Nigeria.
Read at www.npr.org
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