EU May Have To Pay a High Price for Avoiding Russian Oil

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The world is currently paying a high price for the turmoil in the oil-rich Middle Eastern states and is looking for cheaper substitutes to the rising fuel prices. High-ranking EU officials are nervously eager to shun one of the leading gas exporters in the world, Russia, as they try hard to get their hands on affordable energy- something that has proven to be rather challenging over the past decade. Marlene Holzner, the European Commission spokesman for Energy, said that as the EU seeks “diversity of supply”, Nabucco has become its priority. However, Nabucco costs much higher to produce and the rationale of producing it is questioned even by participants. Analysts believe that the EU is making an incredibly expensive mistake.