Aircraft fuel shortage: What does it mean for Europe?
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It is reported that Europe and Asia may face a shortage of aircraft fuel in 6 weeks. The reason for this is the war in which the USA and Israel have attacked Iran. Iran is one of the world’s largest producers of oil products. The war itself is just one of several reasons. Europe has reduced its oil refining capacity. At the same time, Europe is trying to replace aircraft fuel with the more climate-friendly SAF.
The production of aircraft fuel in Europe is reduced
Over time, Europe has reduced its capacity to refine oil. The reason for this reduced capacity is to facilitate more environmentally friendly alternatives. The transition to electric vehicles and reduced oil power also reduces the need for oil refineries.
The problem for Europe and Asia is that there are few alternatives to aircraft fuel. The more environmentally friendly alternative SAF accounts for less than 1% of consumption. The production of SAF is too low and therefore too expensive. Aircraft fuel is available elsewhere in the world. The problem is that shipping this fuel is a logistical challenge.
Can have major consequences
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If the war in the Middle East continues and there is a sustained blockade of the Strait of Hormuz, this will probably have consequences for air traffic in the first instance. We are already seeing the price of aircraft fuel rising sharply, which in turn will lead to an increase in ticket prices. Several major airlines have already begun to cancel unprofitable routes to save fuel. Airlines may also have to fly more economically. This means flying at reduced speeds, lower weights and paying more attention to air currents. This can significantly reduce fuel consumption, but it will also mean that a flight takes longer.
A reduction in air traffic can in turn have consequences for the economy. Not only will air transportation become more expensive, but in many cases it may also be impossible for a period of time. Increased transportation costs will have consequences for both business and tourism. This is not good news for the global economy.
Sources:
ChatGPT has been used for fact checking in this article.
Forbes: Asia And Europe Are Running Out Of Jet Fuel-But ‘No Country Is Immune’