Oireachtas Joint and Select Committees

Wednesday, 23 March 2022

Joint Oireachtas Committee on Transport, Tourism and Sport

Fuel Prices: Discussion

Mr. Eugene Drennan:

The supply issue is still okay; I am just talking about price capping. As regards supply, we got over a bit of wobble two or three weeks ago relating to the supply of Russian oil and whether we should accept it, having paid for it. That debate went in sort of a political direction, with certain people taking moral high ground and various people coming at it with different aspirations. One thing that is for sure - I am no doubt about calling a spade a spade on this - is that we should accept that oil. We have paid for it and we have a contract. It is coming in through the flow line. Crippling Ireland does not solve the problem of the other country that is crippled. We have to be able to function during and after this crisis. The last time this kind of crisis was experienced here was during the First World War, when there were often fuel shortages. We should keep the flow going because we will hit Russia a lot harder by getting its oil as cheaply as possible than we would by shutting off the supply. Shutting off acceptance of the supply would trigger another significant scenario with Russia in the context of gas and we would be getting into a bad circle there. We should definitely keep the oil coming and we should seek more production by the OPEC countries or Saudi Arabia because they are the big producers of diesel.

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