Tax cuts, handouts and blind hope: Europe finds few tools to fight a coming energy crisis

DUBLIN — European energy officials highlighted handouts and tax cuts as the only viable ways to shield consumers from surging energy costs this winter — while hoping that U.S. President Donald Trump wouldn't add fuel to the fire by banning American diesel exports. At an informal gathering of European energy ministers on Tuesday in Dublin, the outlook was grim. Natural gas prices are at near four-year highs ahead of winter, European gas reserves are unusually low, and the ongoing conflict in the Middle East means the Strait of Hormuz remains shut indefinitely. Meanwhile, soaring diesel costs have prompted the U.S. to consider banning exports of the motor fuel, which would disproportionately affect Europe.