Joe O'Reilly (Fine Gael)

At its height, the cost of a barrel of oil was some $147, after holding at approximately $80 for a considerable period. The current price is some $45 a barrel. When the price reached its height, the ESB and Bord Gáis sought an increase in their prices in the region of 17% to 19%. That request was granted. However, now that the price of oil has fallen dramatically, there is no sign of a corresponding price decrease from the ESB and Bord Gáis. This is of particular concern at Christmas when people, particularly elderly people, may struggle to meet their fuel costs.

The excuse given by the regulator for this was that the ESB and Bord Gáis had a six-month supply of oil in storage which they had purchased at the higher price. If that was so, why did they not have a six-month supply purchased at a lower price when the prices rose? There is no logic to that excuse. In the context of Government plans for economic recovery, the ESB and Bord Gáis should be put under serious pressure by the Government, all parties and the Seanad as an institution to reduce prices in keeping with the reduction in the price of oil. If it was logical to increase prices in the past, it must be equally logical to decrease them now. People's livelihoods and homes are at stake. I appeal to the Leader to take on board this serious matter. I expect that he will because he has a sense of enterprise and understands what I am talking about. It is bizarre to allow the current situation to continue.