Finian McGrath (Dublin North Central, Independent)

I agree. We should not simply hand it over, willy-nilly. I support the motion for a complete review of the licensing and revenue terms and the immediate revocation of consents given to the Corrib consortium and the licence for Lough Allen pending such a review. I hope the Minister, Deputy Rabbitte, takes note of this part of the motion. I also support the establishment of a State oil and gas mineral exploration company holding a 51% majority share in oil and gas finds, with its own research facility which would collect full and up to date information. This is a very sensible proposal with regard to job creation in particular.

The motion also proposes the imposition of a 50% tax on oil and gas profits and a 7.5% royalty and that the revenues accruing would provide towards the resources for long term and sustainable growth in place of the current indenture to the EU and IMF because of the unsustainable bank debt. The motion proposes we use the resources for the benefit of the majority of the people of this country. These are sensible proposals and all Members should support them.

I welcome the proposals for a State oil, gas and mineral exploration company as this would provide jobs and have the potential for raising extra taxation without damaging the economy. This and the previous Government have nationalised broken banks but we give away our natural resources that are worth billions of euro. I suggest a 50% tax on all oil and gas profits. I urge the Government and the Minister to consider this motion.

I refer to countries in South America which have used their oil and gas resources in the interests of the people. In recent years, Venezuela has pumped resources into disadvantaged areas and ghettos and delivered medical and educational services. It has used its oil and gas revenues to help the people. We should not be afraid to look at examples of where it works and where countries have used such resources to provide for the people. However, this Government has a closed mind. It has thrown up its hands.

The Minister asks what can be done as we cannot find any oil or gas. There is a surrender mentality at work. We need new ideas. We need to go out and do the business. Nobody has referred in the debate to Rockall off the coast of Ireland. In my own constituency, the late Seán Dublin Bay Loftus campaigned about this matter for 20 years in the Dáil. There is great potential for development. The Minister should be on the international stage fighting on issues such as Rockall at the United Nations and at European Union level.

We need our oil and gas and we need new ideas for economic development. We also need common sense and we need to use the resources for our people. Deputy Ó Cuív made some valid points in his contribution with regard to the public concern that the oil companies have ripped off this country. I suggest this point should be examined by an Oireachtas committee. The Ray Burke question must also be faced up to. The public have concerns and I hear them every day. We talk about Dáil reform. I challenge the Minister to say he is open to the suggestions made by Deputy Ó Cuív. We should have a debate in committee to examine if we have given away our oil and gas reserves. It is time for a change.

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