Tommy Broughan (Dublin North East, Labour)

I move amendment No. 72:

In page 20, lines 19 and 20, to delete all words from and including "including" in line 19 down to and including "State" in line 20 and substitute the following:

"taking particular account of the necessity of holding sufficient stocks within the jurisdiction of the state".

This amendment relates to holding contracts between the agency which will be put on a statutory basis, and another person, by which that person undertakes to hold an agreed volume of oil stocks. In previous debates on Report Stage, it was argued it was necessary that Ireland should hold above the minimum amount of stocks — 90 days. The Minister recently reported stock levels stood at 107 days. I advocate that Ireland should hold at least 120 days of stocks.

Another concern is that in a time of an international political emergency, such as at the time of the Iraq invasion, there could be a massive increase in oil prices. The Minister explained that Ireland has tickets for stocks in Wales and elsewhere. The question arises then as to how this stock would become available to keep the economy running in times of emergency. The provision proposed in this amendment would be a useful addition to the Bill. My previous amendment stated "a sufficient internal-external holding ratio so as to ensure there are enough stocks physically held within the jurisdiction of the state if a crisis situation arises." Amendment No. 72 is to ensure Ireland will have sufficient stocks to keep the economy performing if a political emergency arose. This is a useful amendment to section 33 and I urge the Minister of State to accept it.

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