Energy Prices
Crude oil prices have surged more than 500% since 2002 and are up almost 25% since the start of the 2008 as global supplies struggle to keep up with rising demand in emerging economies, such as China.
Many energy experts believe that as the era of a plentiful supply of cheap oil is coming to an end. Geologists agree that at some future date, it is inevitable that conventional oil supply will no longer be capable of satisfying growing world demand. See Peak Oil.
Ireland is uniquely exposed to global energy shocks because 90% of our energy comes from imported fossil fuels - which is almost twice the European average! Sweden recently announced its plans to become oil-free and to switch completely to renewable energy sources by 2020.
Many will remember when the first oil shock hit in 1973. The Arab oil embargo and tripling of oil prices brought serious economic disruption felt for many years afterwards.
Oil prices have been hitting new record peaks with it recently being close to $120 a barrel. This has huge implications for all of us who use energy in all aspects of our everyday lives as well for as the smooth running of our economy.
In order to ensure that we are not as vulnerable to oil price rises, we must reduce our reliance on oil and gas imports by (a.) significantly increasing indigenous Irish renewable energy sources such as wind, solar PV, biomass, ocean energy and tidal energy and (b.) improving the energy efficiency in every sector by not being so wasteful of energy.