The decision by the International Energy Agency to release 400 million barrels of oil from strategic reserves on Tuesday had only a temporary calming effect on oil prices. As a major energy importer, the EU is exposed here, raising risks of a short-term rise in oil and gas prices and also underlining longer-term questions of wider energy security. The figures show that Ireland was an outlier, with 80 per cent of energy consumption coming from oil and gas imports. And developing alternative sources can provide a cleaner – and potentially cheaper – source of energy, lessening exposure to swings in fossil fuel prices. The fall-out from the conflict in the Gulf gives EU governments – including the Irish one – the opportunity to underline this point.

Source: The Irish Times March 13, 2026 09:01 UTC