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Irish Examiner, yesterday:
The crisis over Ukraine has helped push up prices of crude oil to almost $89 a barrel on Wednesday, in a further sign that inflation pressures for Irish businesses and households is not going away any time soon.
It takes about two weeks for any sustained changes to the global crude oil price to pass though to the costs of higher or lower distilled petrol at Irish forecourts.
Amid the widespread shortages of all types of energy, including gas and renewables, this winter, the price of oil has taken on an ever-increasing significance for business costs because more electricity is now being generated by oil-powered stations.
The price of home heating oil which has already spiked by over 53% in the past year is a further cause for worry for people watching vulnerable households who have the most to lose from energy costs.
Meanwhile, the future price of wholesale gas — a key fuel that accounts for over half the power generated on the all-Ireland grid this month — has continued to trade at record levels for the next several months, according to contracts for delivery this summer.
Prices on the so-called Dutch TTF futures contracts on Wednesday morning, for European gas to be delivered in June, was quoted at €82.50 per Kilowatt hour — which is three times the price of last June.
Economists, including the Central Bank, are looking closely at whether energy-driven inflation will spill over to the wider economy.
Irish inflation which had risen to an annual 5.5% in December, the highest for two decades, is also being repeated in many other countries, including Britain and Canada which have set new 30-year records.
https://www.irishexaminer.com/business/economy/arid-40793718.html
More from the Biz Post: "The government’s stance opposing the construction of any form of Liquefied Natural Gas terminal in Ireland poses an “enormous risk” to the country’s future energy security, the Irish Academy of Engineers has warned. It comes after Eamon Ryan, the Minister for the Environment, intervened directly in the planning application of Shannon LNG, telling An Bord Pleanála that it should not be permitted “under any circumstances”...."
Suggests to me that Sleepy knows exactly what he is doing, trying to strangle PVR by dragging his heels on Barryroe authorisations. The guy is a firkin' eco-gangster. Never did trust those mad starey eyes.
Biz Post today: "State’s anti-LNG terminal stance risks future energy security, engineers warn. Secure gas supplies needed as Corrib gas field is set to expire in a few years, say energy experts."
Ryan's only business experience is selling cycling holidays. As a nouveau eco-socialist his vision extends no further than sending the country on one long cycling holiday at the taxpayer's expense. I'd like to say it will work out no better than our last experiment in basing the economy on selling ever more expensive houses to each other. But I fear it will work out much, much worse. By the time we wake up and realise that he has run our energy infrastructure into the ground there will be no easy fixes available to us.
Ryan now spending €289 million on cycle and walkways this year,what a niche market politican he is. His vision will be proven to be myopic and aloof to the poorer sections of the population.
Wind power flatlining again today ,while 17% of all electricity comes from coal.So of all electric cars charged in this period ,17% equivalent will be powered directly by coal!
The Government target of 900,000 EVs by 2030 fails to recognise that each car needs 7kw for 8 hours to fully charge from scratch.This is 6.3 Gw of electricity spread across a week,with no guarantee from wind power and given that we are currently maxed out at about 6.3 Gw daily .This all from the Green party that once hailed diesel as the future.Dogmatic plonkers.
Biz Post: "Ryan intervenes directly in ‘senseless’ Shannon LNG plan. The Minister for the Environment says permitting the scheme, which could use fracked gas from the US, would go directly against government policy."
Yeah Sleepy, keep spinning tales about your Frackin'-stein monster while the lights go out, indigenous gas dwindles, and we are still burning COAL!