Fuel prices are soaring—and plunging—with dizzying speed, reacting almost instantly to geopolitical statements. A single comment from former U.S. President Donald Trump—whether predicting a prolonged Middle East conflict or declaring it near its end—can send oil markets into a tailspin. The Greek government’s 2026 budget even accounted for the possibility of crude oil hitting $100 per barrel. Yet reality has already outpaced those projections: unleaded gasoline jumped from €1.73 to €1.95 per liter in just two weeks.
War, Anxiety, and Economic Uncertainty
Threats by Houthi forces to mine the Strait of Hormuz have further rattled global shipping—impacting thousands of vessels, including many with Greek commercial interests navigating the Persian Gulf. Meanwhile, public concern is mounting: a recent Interview poll found that 94% of Greeks worry about rising living costs, and 75% fear the war’s impact on economic growth. In the U.S., 64% say they’re uncertain about where the economy is headed. Trump, famously dismissive of conventional political pressure, may only heed one force: the economy itself—especially as discontent builds over unfulfilled campaign promises.
Four Energy Agreements Set for Parliamentary Vote
Tomorrow, Greece’s parliament will vote on four agreements between the Greek state and Chevron Greece Holdings and HelleniQ Upstream. These deals grant exploration and exploitation rights for hydrocarbons off southern Crete and south of the Peloponnese. Environment and Energy Minister Stavros Papastaurou called the initiative a ‘national priority’—a continuation of a long-standing energy strategy.
The PASOK party is widely expected to support the agreements. Their origins trace back to former Energy Minister Giannis Maniatis, who launched the initiative during the coalition government led by Antonis Samaras—when PASOK was part of the ruling alliance. Had the process continued consistently, officials argue, Greece would already be reaping benefits.
Sampras Objects—But Won’t Vote Against
Former Prime Minister Antonis Samaras, whose administration strongly backed this energy push, has now voiced opposition—not to the project itself, but to one specific clause. He argues that it could create conditions for the potential erosion of sovereign rights, particularly if maritime boundaries shift—for example, following an eventual agreement with Libya on the delimitation of Exclusive Economic Zones (EEZ), which might overlap with exploration blocks covered by the agreements.
Prime Minister Kyriakos Mitsotakis responded sharply, urging critics not to stir unnecessary alarm or hunt for imagined ‘traps’ in contractual language designed precisely to shield the state from possible compensation claims by the companies.
Samaras clarified he does not oppose all provisions—but since the agreements are voted on as a package, not article-by-article, he will abstain rather than cast a negative vote. Political insiders expect him not to attend the parliamentary session at all.