Retaining energy sector vital

International crises, no matter where they occur, drive the price of oil up and down like a yo-yo, thereby affecting the cost of living in Ireland and every country which has to buy its oil and gas on the international markets, not to mention wheelers and dealers at all levels in between.

Very often before the oil even comes out of the ground, stifling business growth and causing difficulties for industry, businesses and families throughout the land.

If this was not bad enough, the Government are selling off Bord Gáis. A price hike of gas of 3-4% is now in the pipeline, if it has not already been put in place. It is time to realise that when our Government sell off the nation’s profitable industries and vital resources they are also selling off jobs. The priority of private enterprise is profit. Soon after the purchase has been made the companies enter a period of ‘consolidation’, ‘centralisation’, etc (pick any ‘ation’ you like!) and then we see the news cameras at the gates asking the workers when did they hear about the redundancies.

These vital industries should be kept in the nation’s ownership with quality management in place to protect jobs and make a profit for the people. Selling off the nation’s wealth for short-term gain is just bad business, bad governance and an abdication of responsibility.

Yet the terms of the ten-year leases given to the energy exploration companies in Irish waters surrender the people’s rights over Irish oil and gas and Ireland’s right to own and control these precious but finite resources.

A more aggressive and entrepreneurial approach is now overdue. Every man and his dog now knows, and the Government have acknowledged this, that there are billions of barrels of oil in Irish waters and we should be aiming for around 50% ownership for Irish use.

It is the only way in which this country can rid itself of the huge and unsustainable debt mountain which is bringing misery to hundreds of thousands of people on this island week after week and which will continue to do so, as long as the nation cannot pay its bills.

Killing the goose that lays this particular golden egg is looking a gift horse in the mouth. Taking back nine or ten of the €60bn-odd the Irish taxpayer unwittingly gave to prop up the reckless, culpable and heartless banks and invest in our energy fields for and on behalf of the people, would be a good start.

At no time in the history of this country has there been such a vital need for an energy minister with a vision for the future.

Joe Brennan

Ballinspittle

Co Cork