John O'Donoghue (Kerry South, Fianna Fail)

Naturally, I would like to see us producing as much of our own energy as possible, as Deputy Gogarty suggests. However, issues regarding oil and oil prices come under the remit of the Department of Communications, Marine and Natural Resources. If the Deputy tabled a question to the Minister, Deputy Dermot Ahern, I am sure he would deal with the issues raised by him.

My understanding is that oil prices have been decontrolled for some time to encourage competition in the sector. Irish companies obtain most of their supplies on term contracts and there is nothing to suggest they are experiencing shortages. The holding of strategic oil stocks is a hedge against world oil supply disruption and it is not a mechanism for the EU to attempt to play the oil markets. I studied the figures published in Holiday Which — Winter 2004 and they seem to suggest that Ireland compares relatively well with other countries in terms of petrol prices which, hard pressed consumers may be surprised to learn, are 8% below the average.

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