Ivana Bacik (Dublin Bay South, Labour) | Oireachtas source

I thank the Taoiseach. That is important and we welcome the moves made at EU level on a windfall tax but there are things the Government could do here too that should be done. Let us look at it in the following way. We have significant levels of gas consumption coming from our own Corrib gas field on this island and we know that Vermilion's revenues last year increased by 267%. The cost of production for that gas has not increased but the price of gas supplies is now costing multiples of what it did one year ago.

Will the Taoiseach examine the idea of nationalising the Corrib gas field and bringing it under State ownership, even on a temporary basis, to ensure that we can bring greater certainty to families, households and businesses struggling with fuel bills? The State has the power to do so under legislation introduced by Fianna Fáil, namely, the Fuels (Control of Supplies) Acts 1971 and 1982. These were powers invoked during the oil shortages which followed the Middle East conflict of the 1970s. We know these powers exist and we have used them before. In parallel with the welcome measures at EU level, we need to see this Government doing more in Ireland to ensure that excessive profits are harnessed from the energy companies to alleviate the real hardship faced by so many struggling individuals, families and businesses as they see their energy bills skyrocketing.

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