A new parliamentary report looks back at the energy price shock and what it means for fuel costs today.
By MyOil Newsroom ·
Summary
The House of Commons Library has published a review of how gas and electricity prices surged during the recent energy crisis and where they stand now. For households using heating oil, the period was a sharp reminder of how volatile fuel markets can be, and why keeping an eye on costs matters year-round.
The House of Commons Library has published an updated analysis of how gas and electricity prices behaved during the energy crisis of recent years, tracking the surge in wholesale costs and the knock-on effect on household bills across the UK. The report, released in late May 2025, sets the episode in a longer historical context, looking at where prices have settled since the worst of the shock passed.
The library is the research arm of the UK parliament, so this kind of review carries weight as an official record of what happened to energy affordability during one of the most disruptive periods in recent memory.
While the report focuses primarily on gas and electricity, the energy crisis affected all fuel types. Heating oil prices in Ireland and the UK climbed steeply during the same period, driven by the same underlying pressure on global energy markets. Many oil-heated households saw the cost of a standard fill roughly double at the peak, placing serious strain on family budgets.
The Commons Library analysis is a useful reminder that energy prices do not move in isolation. When wholesale gas markets spike, oil markets tend to follow, and households on home heating oil can feel the impact just as sharply as those on mains gas, sometimes more so, because there is no price cap mechanism covering heating oil in the way that exists for electricity and gas tariffs.
The crisis years showed that waiting until your tank is nearly empty before ordering can be a costly habit. When prices are rising quickly, topping up early and ordering when markets dip can make a real difference over a heating season.
It also highlighted the value of knowing your consumption patterns. Households that had a reasonable sense of how quickly they use oil were better placed to act when prices fell, rather than being forced to buy at the worst possible moment.
If you want to stay ahead of price movements this year, you can set a price-drop alert to be notified when rates in your area fall to a level that suits you (/alerts). And if you are unsure how long your current tank will last, it is worth checking before the autumn heating season gets underway (/run-out).
Sources
We write our own take and link the original reporting. Figures are as reported by the sources above.
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Tell us your county and we'll watch the price by the fill, not the cent. Add your tank and we'll tell you when you'll run out, and nudge you in good time to order.