Oil price spike raises prospect of higher fuel bills

Описание: (2 Mar 2026)
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Sharjah, United Arab Emirates - 1 March 2026

1. Wide of black smoke billowing up from industrial area in Sharjah
2. Tilt down from smoke to wide of Sharjah city
3. Various of fire and plumes of smoke at industrial area, firefighter vehicles

ASSOCIATED PRESS
London - 2 March 2026
++VIA VIDEO CALL++

4. SOUNDBITE (English) Jess Ralston, energy analyst:
"The market disruptions that we're seeing across the world when it comes to oil and gas prices are linked to all the uncertainty at the moment. So there's uncertainty around the Strait of Hormuz. There's uncertainty about supply shocks in future. We've just seen Qatar saying that they're temporarily pausing some of their LNG production. Saudis also paused some of theirs and some other countries in the region, including Israel, have also shut down some of their production capability. So it's all about uncertainty and we're also hearing that some boats are struggling to get insurance to travel through the region at the moment, which means that they can't transport their goods, some of which is LNG. And so it's a lot about uncertainty, and it's all being priced into that market, and that impacts markets all over the world, including here in the UK."

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ARCHIVE: Metairie, Louisiana, US – 10 August 2022

5. Tight shot of gas pump meter.
6. Cars turning off the highway
7. Tight of gas pump being hung up

ASSOCIATED PRESS
London - 2 March 2026
++VIA VIDEO CALL++

8. SOUNDBITE (English) Jess Ralston, energy analyst:
"There's so much uncertainty at the moment and we really don't know where we're going to be even a few hours from now when it comes to the geopolitical situation. So it's really hard to put absolute numbers on things. But what we know from history is that these sorts of conflicts, even if they only last a few days in terms of the conflict, we've got wider disruption and wider tension for weeks and months and even years afterwards. When it came to the war in Ukraine, we saw sustained high gas prices for months and that's why our bills were so impacted by that crisis. But in this crisis if it's only one or two days, then of course that might not have a huge impact on our bills further down the line but if it is sustained for a longer period of time then that feeds into our energy bills, it feeds into our petrol prices, it feeds in to inflation, it feed in to all of these different parts of the economy and it can have really widespread impacts."

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ARCHIVE: Kenner, Louisiana, US – 10 August 2022

9. Various of people pumping gas (petrol) into cars

ASSOCIATED PRESS
London - 2 March 2026
++VIA VIDEO CALL++

10. SOUNDBITE (English) Jess Ralston, energy analyst:
"Energy independence has been a hot topic for a number of years now, ever since Russia invaded Ukraine. And there's differing views about what energy independence actually looks like. I think that it's widely agreed by experts like the Energy Transitions Commission, the International Energy Agency and a bunch of others that moving towards renewables shields countries like the UK from those volatile international gas markets and moving towards net zero technologies like heat pumps, like electric vehicles also means that we're not relying on those whims of geopolitical leaders like Putin. So it's really important that we start to move towards net zero, not just for climate change but actually for our energy independence and for shielding ourselves when it comes to a future crisis."

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ARCHIVE: Pittsfield Township, Michigan, US – 2 July 2024


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