Bernard Durkan (Kildare North, Fine Gael)
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Question 25: To ask the Minister for Communications, Energy and Natural Resources the extent to which he has had discussions together with his EU colleagues or otherwise with a view to a resolution to the present and ongoing energy crisis culminating in fuel speculation and unprecedented profits for oil companies; the action taken to eliminate hoarding or other forms of market manipulation or speculation in view of the oil producing counties confirmation of more than adequate supply well into the next century; and if he will make a statement on the matter. [28235/08]

Eamon Ryan (Dublin South, Green Party)
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I discussed energy security of supply issues with EU Ministerial colleagues and Commissioner Piebalgs at the Informal Energy Ministers Meeting last week. The causes of high oil prices are highly complex. The European Council, at its meeting in June, expressed grave concern about the continued surge in oil and gas prices and their social and economic consequences. The Council invited the French Presidency, in cooperation with the Commission, to examine the feasibility and impact of measures to smooth the effects of sudden oil and gas price increases and to report back to the European Council in October.

I understand that the Presidency, which will liaise directly with the Commission, will examine issues such as the operation of the markets, the financial instruments available for the improvement of energy efficiency, the use of renewable sources of energy and the use of fossil fuels that are less harmful to the environment, and an examination of possible measures likely to reduce the effects of increased oil prices. I understand that this report will be brought to the European Council meetings in October and December.