Dáil Éireann Debate, Tuesday - 21 April 2026
436. Deputy Carol Nolan asked the Tánaiste and Minister for Finance to elaborate on his recent statement that the current energy crisis is 'the worst the world has ever seen'; the reports or research he relied on in forming this view; and the reason he believes that recent events are worse than the 1973 oil embargo when oil prices quadrupled almost overnight. [28540/26]
View answerThe disruption to oil supplies caused by the conflict in the Middle East in recent weeks is of the order 20 million barrels per day. The volume of oil supply that is offline is, according to the International Energy Agency (IEA), higher than at any point during the 1973 oil crisis and at any point since. Indeed that is why the IEA, amongst others, have concluded that the present oil supply shock is the largest energy supply shock ever seen.
I am acutely conscious of the impact that this energy supply shock is having on prices paid by households and businesses. In response to this, Government has introduced two packages of supports worth over €750 million that will help to mitigate the impact of rising energy costs. Government has responded swiftly to these immediate pressures in the economy. However, these supports are timebound and will be continuously reassessed as the situation evolves over the coming weeks and months.
