Irish energy costs soar due to Middle East unrest threatening oil supplies
The latest Bord Gáis Energy Index rose 2% in November, mostly as a result of a 2% increase in wholesale oil prices during the month. The Bord Gáis Energy Index now stands at 152, an increase of 5% on Nov 2011.
Bord Gáis Energy power trader John Heffernan said: “The Energy Index rose 2% in November primarily on the back of higher Brent crude oil prices. The unrest experienced in the Middle East and North African region during November and the possibility that tensions could escalate in 2013 drove prices higher. An average of 1.7m barrels of oil production a day is being lost from the region and the price of oil in 2012 has reached an annual record high.
