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At the end of January, the European Union voted in favor of an embargo on Iranian oil to pressure Iran to drop its nuclear program. Now concern is mounting among European drivers that this decision is causing prices to rise at gas stations and could hurt the European economy. Our correspondent in Brussels has more.
Drivers in Brussels are concerned that the EU decision to implement an embargo on Iranian oil will increase already high prices at gas stations.
[Patrick Gay, Insurance Broker]:
“Prices might increase from 10 to 15%. We are importing around 15% of our oil from Iran. So prices might increase at the gas stations for everyone.”
Recently the EU placed an embargo on Iranian oil products, hoping to force the country to abandon its nuclear program.
Prices of oil products at gas stations have seen a steady rise over the last two years. A fact that's changed the budget and habits of many consumers.
[Patrick Gay, Insurance Broker]:
“We need to reduce our private traveling. We won't go to see family on Sundays, we stay home. We will see friends and family less often, because the cost is too much.”
Some say that if prices continue to increase, they will have to change their ways of traveling.
[Joelle, Brussels Resident]:
“If prices continue to rise, if we can't drive anymore, we will need to find another way. Public transport or electric car. If that is possible that would be good.”
Others have no choice but follow the prices.
[Unidentified Brussels Resident]:
“I don't have choice but to follow gas prices. I'm obliged to drive, I don't have any other ways of communication or transportation.”
Some argue that the EU embargo is bound to hurt the already fragile European economy at a time when the euro zone needs all the help it can get.
NTD News, Brussels