A national resource

The huge oil field off Kinsale will be worthless to the Irish economy unless our over-generous fiscal regime is altered.

Former FG Minister Ivan Yates has written that while the headline tax take can be up to 40% the effective tax rate could be as low as 7% (Irish Examiner, Sept 8, 2011).

Providence Technical Director John O’Sullivan has said the Barryroe oil “may” be refined in Cork. Since Whitegate needs a €300m upgrade it’s more likely the find will be shipped to the UK or Holland.

It’s up to the lobby groups such as the haulage industry, ISME and Retail Excellence Ireland to follow Gerry Adams’s lead in calling for a better state share of our priceless natural resources.

Cllr Henry Cremin

Sinn Féin

Barrack St

Cork