{"id":337034,"date":"2026-03-09T14:38:07","date_gmt":"2026-03-09T14:38:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/337034\/"},"modified":"2026-03-09T14:38:07","modified_gmt":"2026-03-09T14:38:07","slug":"ireland-should-look-at-own-resources-amid-energy-shock","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/337034\/","title":{"rendered":"Ireland should look ‘at own resources’ amid energy shock"},"content":{"rendered":"

The $100 mark is “traditionally a psychological marker,” chief economist at EY Loretta O’Sullivan told RT\u00c9’s Morning Ireland as oil prices soared to their highest level since mid-2022.<\/p>\n

Brent crude traded at $106 per barrel this morning after breaking the $100 barrier for the first time in four years.<\/p>\n

“When oil goes above this, you tend to get traders thinking about the implications of energy market disruption, with knock-on spillover effects to the global economy,” Ms O’Sullivan added.<\/p>\n

As oil producers in the Gulf are limitting or stopping their output, concerns rise over how this will impact the broader economy, business costs for firms and inflation for consumers.<\/p>\n

Whether it will get to increased inflation, depends on the duration of this energy shock, the EY analyst noted.<\/p>\n

“If it is short-lived, the effect on inflation isn’t very severe and the impact on the economy isn’t much, then we’re likely to see central banks look through it,” she said. <\/p>\n

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But if the shock is more severe and “drags on” the European Central Bank could consider to “alter its trajectory,” Ms O’Sullivan said.<\/p>\n

Investors now see a one in two chance the ECB would have to raise rates by the end of the year to contain price pressures.<\/p>\n

The euro zone interest rate has been unchanged at 2% since June last year.<\/p>\n

The EY expert noted that the crisis highlights the need to look into Ireland’s energy independence.<\/p>\n

“The fact that we are experiencing a second energy price shock in the space of a couple of years … does reinforce the importance in a European context Irish context of energy security and looking at our own resources, like renewables,” Ms O’Sullivan said.<\/p>\n","protected":false},"excerpt":{"rendered":"The $100 mark is “traditionally a psychological marker,” chief economist at EY Loretta O’Sullivan told RT\u00c9’s Morning Ireland…\n","protected":false},"author":2,"featured_media":337035,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-337034","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/337034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=337034"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/337034\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/337035"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=337034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=337034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=337034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}