Tommy Broughan (Dublin North East, Labour)
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Question 305: To ask the Minister for Communications, Energy and Natural Resources his views on recent new evidence that peak oil has not happened and is unlikely to happen and that instead a new global oil boom has occurred; if he will outline the impact of this changed future oil scenario on his energy policy; and if he will make a statement on the matter. [33396/12]

Pat Rabbitte (Dublin South West, Labour)
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Ongoing discoveries of oil and new methods of extraction of oil and gas continue to change the fossil fuel landscape as well as having impacts on global energy markets. Ireland, however, remains critically dependent on imported fossil fuels, particularly oil and natural gas, which are subject to price volatility and supply risks. This dependency underlines the immediate and long term imperatives of enhancing energy security and moving to more sustainable forms of energy. It is also critical for climate change targets.

Latest International Energy Agency analysis continues to point to a tight balance between global oil supply and demand, with price impacted by ongoing geopolitical uncertainties and fluctuating economic demand in OECD and developing economies. Volatility in global oil prices and continued supply risks underscore the Government's commitment to delivering national energy efficiency and renewable energy objectives which are aimed at moving the economy away from over reliance on imported carbon intensive fossil fuels. Irrespective of new global oil and in particular, gas scenarios, Ireland needs to sustain all efforts to reduce the fossil fuel bill and reduce emissions.

The electrification of transport offers potential for Ireland, not just in terms of energy savings but also because of the opportunity to better utilise grid sourced renewable electricity, as work continues to progressively deliver on the target of 40% renewable generation by 2020.

The Biofuel Obligation Scheme is also enabling the sustainable growth of an Irish biofuels market affording opportunities for indigenous biofuel producers and displacing traditional oil products in the transport sector.

The Government is also committed to continuing and enhancing the delivery of significant energy efficiency improvements across the commercial, public and private sector. Energy efficiency will progressively reduce Ireland's dependence on imported fossil fuels, while supporting energy competitiveness and security as well as employment and economic activity and reducing emissions.