A lot remains to play out, but energy prices are now in the danger zone - at levels which will, if sustained, cause damage. As well as the oil price rise, wholesale gas prices have risen sharply again. Oil and gas prices are likely to swing with the news cycle and consumers will feel short-term pain, but what matters is the longer-term trend in these wholesale energy prices. The US, as a net energy exporter, is not as exposed as Europe to higher oil and gas prices, but it is being reflected in the US market nonetheless. Oil and gas prices are, for now, at levels that would cause economic pain if prolonged – but not a calamity.

Source: The Irish Times March 09, 2026 14:22 UTC