The great oil and gas rip-off

The great oil and gas rip-off

The decision by Pat Rabbitte, Minister for Communications, Energy, and Natural
Resources, to issue thirteen new exploration licences for oil and gas in Irish
territorial waters is nothing more than the complete abandonment by this state
of any control of these resources that belong to the Irish people or the right
to derive any significant benefit from them for our people.

The Government department responsible estimates reserves to be 10 billion barrels
of oil off the west coast. Geological and seismic surveys and drilling results
have estimated reserves of 6½ billion barrels of oil and 20 trillion cubic feet
of gas. This would be enough to meet Ireland’s energy demands for a hundred years,
based on current usage.

Despite his telling Dáil Éireann on 19 April that he accepted that the present
licensing terms should be reviewed, Rabbitte has handed over our natural
resources, estimated to be worth more than €500 billion, to transnational oil
and gas companies. He is continuing the same same policies as previous ministers
who were responsible for the great oil and gas rip-off by transnational companies.

The Labour Party minister gives as the reason for the state not developing these
resources that it has not got the money, yet his party, with the other party in
government, stands over the socialisation of corporate debt at a cost of about €271
billion. Billions of euros will leave the country every year just to service this
odious debt. The Irish establishment are pauperising our people and our country,
leaving our people to super-exploitation and rip-off.
      
These valuable resources could be the foundation for developing a more sustainable,
planned economic and social development, lessening the dependence on transnational
corporations and building a new industrial base, using existing state companies
throughout Ireland, north and south.

COMMUNIST PARTY OF IRELAND

Eugene McCartan
General secretary
087 9733414