Meanwhile, global oil prices surged past the $100 (£74) a barrel mark for the first time since 2022. We have known for some time about a lack of gas storage facilities, with those we had having been closed down by the private sector, some time ago. UK oil pricing remains deeply contentious because we remain a producer, but have to pay international prices for oil produced in the North Sea. This is exactly what happened in 2022 when war broke out in Ukraine. Will we never learn that the state has a responsibility to defend people, and that includes managing the economy so that it is resilient against shocks of this sort?

Source: The Guardian March 09, 2026 08:54 UTC