The oil we consume may not have originated in the Gulf, but as a “fungible” commodity, oil and related refined products are interchangeable and so their prices are linked to global prices. Heating oil and petrol prices are not set by taking crude oil and adding a markup – they are traded in their own right and like any product, subject to supply and demand. Instead of this inane hand-wringing, people could advocate for increased energy storage facilities. Ireland is particularly deficient in natural gas storage and lacks an liquefied natural gas terminal. The usual shortsightedness and Nimby power has prevented Ireland reacting in the same way Germany did after the invasion of Ukraine when it boosted its energy supply options.

Source: The Irish Times March 07, 2026 18:20 UTC