asked the Minister for Transport and Power the storage level of fuel oils and petrol held by the major oil companies; and the period of time for which these stocks will last in circumstances of normal consumption.
Ceisteanna—Questions. Oral Answers. - Oil and Petrol Stocks.
22.
Returns furnished under the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974, show that the total national oil reserve at the beginning of February, 1975, was just over one million metric tonnes made up as follows:—
|
Metric tonnes |
|
|
Crude Oil |
198,000 |
|
Motor Spirit |
127,000 |
|
Middle Distillate |
208,000 |
|
Fuel Oil |
538,000 |
|
1,071,000 |
On the basis of average daily consumption in 1974, this is equivalent to a reserve of—
71 days for motor spirit.
79 days for middle distillate.
70 days for fuel oil.
The figures I have given represent total stocks held by the oil companies and large consumers. It would be a breach of confidentiality to give information in regard to stocks held by particular companies.
Would the Minister consider requiring oil companies to keep a larger stock?
Under the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974, which I made last November, they were required to keep a minimum of 65 days, but since 1st January 1975 we are compelled to keep 90 days reserve stocks. This is not being enforced at the moment because a number of countries are finding difficulty in meeting this. It has been postponed until July, and we will review the situation then. We hope to have it up to 90 days reserve stock eventually.
In the event of an emergency would the crude oil stored in Bantry Bay be made available to the refineries?
Part of the stocks held in Bantry Bay comprise ten days of our reserves. If the emergency was serve enough we would take the balance. At the moment the answer is no. We have an arrangement with the Gulf Oil Company. An amount equivalent to ten days of our national usage is held by them in reserve for us.
Would the Minister indicate, in regard to the 70 days supply in the hands of the oil companies, if, immediately an increase is announced, it has the effect of putting thousands of pounds into the oil companies' coffers?
That is a separate matter. Question No. 23.
I do not understand what the Deputy is asking.
If there is more than two months supply of oil on hands and an increase is granted by a Minister——
The Deputy is introducing new matter.
——does this mean that they can make thousands of pounds profit?
I have called the next question. The Deputy is introducing irrelevant matter.
That is a very complex compilation of figures and it is not as simple as the Deputy thinks. The 71 days of motor spirit I mentioned would have a crude oil element which, under the regulations, is convertible within certain safeguards of days usage, plus a percentage of the total, to be used by them as equating to motor spirit. In fact, it would be crude oil on which they could not make a profit.