asked the Minister for Transport and Power the size of the stockpile of oil products; and if there is sufficient to last for a reasonable time.
Ceisteanna—Questions. Oral Answers (Resumed). - Oil Products Stockpile.
76.
At the last stock taking date, 1st July, 1973, stocks were equivalent to over 100 days consumption. This includes the stocks held by the Gulf Oil Company at Bantry, which by agreement with the company, would be made available for use in this country in the event of an emergency.
Stock levels may vary from time to time. As a member of the European Communities we are at present obliged to hold stocks equivalent to 65 days consumption. As from the 1st January, 1975, this requirement will be increased to 90 days consumption. The position is at present under consideration in my Department with a view to the preparation of legislation which would ensure the maintenance of stocks at least equivalent to the EEC limit at all times.
I take it there are sufficient stocks to maintain essential supplies, because there are reports of a world shortage of oil?
As I said, we shall be obliged under EEC regulations to maintain 90 days consumption from 1st January, 1975. On 1st July of this year we had 100 days' supply for emergencies, which is more than we shall be required to maintain in 18 months' time.