Finian McGrath (Dublin North Central, Independent)

They must be recovered and used in a way that benefits the majority of the population rather than powerful corporate interests.

We need a Chavez approach, not a Ray Burke one. We need openness, accountability and a fair and sensitive approach to our natural resources. The conservative forces of the new right in society that want simply to hand over our oil and gas reserves to private speculators and their financial backers must be tackled head on. Our citizens need to know where their resources and taxes are going.

Access to information is fundamental to a healthy democracy. The Independent Members see their role as representing the taxpayer and the citizen. There is also a question of trust. I demand the establishment of an independent oil and gas inspectorate to monitor closely all multinational oil company operations to ensure the State benefits from all oil and gas exploration activities. Proper and comprehensive assessments, including meaningful consultation with and representation of communities affected by oil and gas exploration, must be introduced. This acknowledges the role of the Rossport five who I commend on their work on this issue.

The oil and gas giveaway must stop. There is growing evidence that Irish waters will yield more oil and gas finds. Despite this the Government is sticking to its policy of giving away the rights of these resources for a pittance without even requiring the finds are landed in the State. Some 33 wells will be drilled over the next six years and, of these, 15 have already identified oil and gas finds. Who will benefit from this exploration? The hydrocarbon legislation covered by the Finance Act 1992 which allows 25% corporate tax was further reduced in the 2002 budget to12.5%. This is the lowest corporation tax in the world. Successive Governments and Ministers have a subservient attitude to multinational oil companies. The tipping of the cap, or rather the complete rolling over, to these companies is a disgrace and is not effective or strategic Government planning.

The bottom line is we will see little revenue and may not even enjoy extra security from having crude oil and gas landed in the State. There is a lack of joined-up thinking, leaving Ireland very vulnerable to the looming oil crisis. Many are fed up that the great oil and gas giveaway continues. It is up to all Members to wake up to its reality. This motion is not just about our oil and gas reserves but above all a commonsense approach to the development of our economy.

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