Europe’s Energy Reserves Worked. The Next Test Will Be Harder

Europe has discovered something unusual during the latest energy crisis: its emergency system actually works. The closure of the Strait of Hormuz removed or disrupted one of the largest flows of oil and gas in the world. Prices rose, shipping routes changed, insurance costs increased, and concerns emerged over the availability of refined products, particularly aviation fuel. Yet Europe did not run out of oil, diesel, or jet fuel. That outcome should not be dismissed. It resulted from decades of mandatory stockholding, coordinated emergency planning,…