The French Economy Minister likened the energy crisis that the world is currently experiencing to the "oil shock" of 1973, after Arab countries cut off oil supplies to Europe because of the latter's support for Israel in the war against Egypt and Syria.
French Economy Minister Bruno Le Maire said on Wednesday that the current energy crisis with the sharp rise in oil and gas prices "is similar in severity to the oil shock of 1973", after Arab countries cut off oil supplies to Europe due to the latter's support for Israel in the war against Egypt and Syria.
Le Maire explained that a second major plan of official aid, similar to what happened during the Corona pandemic, "will fuel the price hike."
Oil and gas prices have risen remarkably since Russia launched its attacks against Ukraine on February 24.
On Tuesday, US President Joe Biden announced a ban on oil and gas imports from Russia, to complement the measures aimed at imposing restrictions on the Russian economy.
"We will ban all imports of oil, gas and energy, and this means that Russian oil will no longer reach US ports," Biden said in a video speech.
He added that the United States "produces from oil what not all European countries produce," calling for "a transition to clean energy."
On the other hand, Biden indicated that the sanctions imposed on Russian gas will affect the American citizen at home due to the high prices.
"The sanctions are aimed at harming Russian President Vladimir Putin, and we will continue to support Ukraine and pressure Russia with sanctions," he added, stressing that Russia will not win its war against Ukraine.
And he added: "Russia cannot control Ukraine, and we will continue to send arms shipments to Ukraine in coordination with allies."
It is noteworthy that oil prices rose in the wake of the US embargo on Russian oil, touching $133 for the benchmark Brent crude.
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