At the start of this meeting the committee agreed the minutes of its previous meeting. It has since been pointed out to me that they need to be amended to note the fact that Deputy Mattie McGrath was present at that meeting. The committee has been invited to visit Ardmore Studios in Bray, County Wicklow, in the context of our consideration of screen production. It is suggested we visit the studios on Tuesday, 7 October. The clerk to the committee will contact members in that regard. Is there any other business?
Business of Joint Committee.
I have received many representations about the price of oil products such as kerosene, petrol and diesel. Ten weeks ago the price of crude oil was $147 a barrel, but it has now decreased to less than $105 a barrel. There has been a great deal of discussion about the difference between the speed at which increases in the price of crude oil are passed on to consumers and the speed at which decreases in the price of crude oil are passed on to consumers. Given that people are getting ready to fill their oil tanks for the winter months and the significant cost of so doing, we should take the opportunity to invite the major oil distributors to address the committee. I do not speak of the person who drives a kerosene lorry or sells petrol at the pumps, I refer to the person who supplies the suppliers.
The oil companies.
Yes. There is a possibility that there is profiteering. This is the right time to invite such people to address the committee to give them an opportunity to indicate exactly what is happening. However, if we extend an invitation to them, we will need to get background information and carry out some research into what is going on, as it seems to happen on every occasion.
There is profiteering. All one has to do is look at the accounts of oil companies across the world which are making a fortune on the basis of the volatility in the market. We should also invite the appropriate regulator to address the committee.
That was discussed earlier.
Was it? I beg the Chairman's pardon.
We have agreed to invite the regulator and will ask the clerk to contact him. I thought we could try to organise the two deputations on the same day but have been informed that we should not have them in on the same day. We will make arrangments for those meetings.
It is important the meeting happens sooner rather than later because people are getting ready to fill their oil tanks. One fill of oil now costs almost €1,000.
I remind members who are going to the Digital Hub this afternoon that we have to be there at 1.15 p.m. Parking has been arranged opposite the IAWS building on James's Street.
Is that on the same side as the brewery?
Yes.
The joint committee adjourned at 12.35 p.m. sine die.