Reuters: Europe could save up to $80 billion in energy imports as prices plunge

The European Union could save up to $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 $85 per barrel, a level last seen in June 2010.

Energy imports for oil, natural gas and thermal coal cost the European Union around $500 billion in 2013, with three quarters of that being spent to buy oil, Reuters research shows.

This year's figure could fall by almost $25 billion to around $485 billion, and if oil prices average below $90 a barrel next year, the overall import bill could fall as low as $425 billion, over $80 billion less than paid by the EU for imports in 2013.
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