Irish economy to feel the pinch as oil prices rise
04/09/2005 - 20:07:34Minister for Finance Brian Cowen is warning that rising oil prices could cut more than 1% off Ireland's annual economic growth rate.
Petrol prices have hit record highs following damage to America's oil producing Gulf-region.
A senior economist, Jim Power of Friends First, today warned that record oil prices following Hurricane Katrina are just the latest development in a trend that poses a risk to Ireland.
He called on the Government to take action to develop alternative sources of power to lower our dependence on oil, and start treating energy as a matter of priority.
