Price plunge could see Europe saving US$80b in energy imports

London

THE European Union could save up to US$80 billion in energy imports if oil prices remain low, providing some relief to households and companies in a region that has been laid low for the last five years.

The price of oil has dropped over a quarter since the summer to below US$85 per barrel, a level last seen in June 2010. Energy imports for oil, natural gas and thermal coal cost the European Union around US$500 billion in 2013, with three quarters of that being spent to buy oil, Reuters research shows.