EU warns of energy price crisis, urges gas demand cuts - Bloomberg

Investing.com-- The European Union has warned member states of a potential energy price crisis linked to the Middle East conflict, urging governments to prepare for winter by curbing demand and continuing to fill gas storage, Bloomberg News reported on Saturday.

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EU Energy Commissioner Dan Jorgensen said in a letter, seen by Bloomberg, to energy ministers that the bloc's reliance on imported fossil fuels had exposed it to turmoil in energy markets and called for urgent preparations ahead of the heating season.

"We are facing a price crisis linking to a supply crisis," Jorgensen wrote, according to Bloomberg.