Abstract:

The European Union (EU) produces just 3% of the oil it consumes. The remaining97% is imported from beyond the EU’s borders, with one quarter of these oil supplies imported directly from Russia. As a means of increasing Europe’s energy independence, the European Commission will release its RePower EU in May, outlining measures to phase out imports of Russian energy supplies by 2027. The European Commission has also proposed a plan to cease the imports of crude oil from Russia within six months, and by the end of the year for refined oil. CO2 standards are currently in place to reduce emissions and fossil fuel use from trucks in the long-term, however increasing levels of activity sees little real reduction in energy consumption in the short-term.