Radical change in policy necessary to address Ireland’s energy needs

THERE is an unprecedented global demand for oil. Western economies are gorging on oil at record levels. Emerging economic powerhouses, particularly China, are now also consuming millions of tons of oil per annum.

On its current growth trajectory China will be demanding more oil than all of the European economies combined in decades to come.

Accessing the remaining oil reserves is proving more difficult, more expensive and more unpredictable. Increasing political volatility in the Middle East, especially in Iraq, is also threatening the world oil supply.