European holidaymakers may need to rethink their summer travel plans as airlines brace for possible flight groundings amid a mounting fuel supply crunch triggered by the Iran war.
Reuters – This crisis marks another wake-up call for a region grappling with energy security in an era of heightened geopolitical tensions. For now though, the outlook for European airlines - and summer travellers - is bleak.
Europe’s oil and gas industry has shrunk dramatically over the past 25 years: North Sea production has dwindled and more than 30 refineries - 16% of refining capacity - have been shuttered across the continent.
The contraction reflects a combination of shrinking domestic demand, rising overseas competition and, increasingly over the past decade, a government-led drive to curb greenhouse gas emissions. (Ron Bousso)