Dublin, Ireland – As global events, including the Russia-Ukraine conflict and Israel-Hamas war, unfold, Irish experts predict no relief in petrol and diesel prices due to the country’s indirect exposure to the oil market. Ireland, heavily reliant on 100% imported oil, is vulnerable to Middle East tensions impacting its oil supply. Houthi attacks on the Red Sea’s vital oil trade route have further intensified concerns.
Ireland, labeled one of Europe’s most fossil fuel-dependent economies, possesses a mere 90 days of oil reserves, leaving it susceptible to crises lasting beyond this period. With 85% of energy needs met by fossil fuels and a lack of initiatives to exploit offshore oil resources, experts emphasize the urgency of conscious fuel reduction. A nation covering over 30 billion kilometers by car last year, Ireland’s call for energy security involves reducing oil imports through decreased vehicle usage and investing in alternative transportation infrastructure.
As the nation grapples with economic and geopolitical challenges, experts stress the need for immediate measures to mitigate the impact of the energy crisis looming on Ireland’s horizon.