Authored by Alex Kimani via OilPrice,
- Europe has shut down roughly a quarter of its refineries over two decades, increasing dependence on imported fuels and exposing the bloc to geopolitical supply disruptions.
- The latest energy crisis has added over €100 billion to Europe's import bill, prompting Brussels to reconsider policies that have accelerated refinery closures.
- The EU is moving to protect its remaining refining capacity, balancing energy security, military readiness and industrial competitiveness against its ambitious climate goals.
Over the past couple of decades, Europe has pursued some of the world's most ambitious clean energy policies, aiming to become the first climate-neutral continent by 2050. Hardly surprisingly, Europe is now further along the clean energy transition compared to its western peers, with renewables accounting for roughly half of the continent's power mix compared to about 26% by the U.S. However, Europe is now being forced to reckon with its decision to ditch some of its fossil fuel assets as yet another global energy crisis unfolds just years after the 2022 energy crisis.
Over the past 20 years, Europe has aggressively phased down its oil refineries, shutt
