Already, some LNG supplies on the way to Europe are being redirected to Asia, due to the higher price on offer there. We have had lots of exposure to energy price surges as a result of conflict – the experience of what worked and what didn’t should guide our response now. We shouldn’t repeat the disastrous attempt in 1979 to cap petrol prices, when unrest in the Middle East led to a jump in oil prices. When the Russian invasion of Ukraine led to a spike in energy prices in 2022, the government here attempted to insulate consumers through blanket subsidies. If Europe can deliver on its climate change commitments, by 2040 we will no longer be dependent on volatile energy supplies from troubled regions.

Source: The Irish Times March 16, 2026 09:01 UTC