In the meantime, the vulnerability of the global economy to energy prices will be tested. Imported oil is the single largest energy source in the country for transport, cars and trucks; oil makes up 93 per cent of transport energy. Indeed, disruption to gas rather than oil might hit Europe most dramatically. This week alone, European gas prices surged by 45 per cent because EU gas storage is critically low. Meanwhile, the price of food is in part determined by the price of fertiliser, and modern fertiliser comes from chemicals, underpinned by oil prices.

Source: The Irish Times March 07, 2026 15:01 UTC