I would like to mention an issue that has been raised by many Senators, namely, the energy crisis that we are dealing with at the moment. Oil prices, in particular, are reaching nearly €200 a barrel today. I think this is considered to be the largest energy shock we have ever seen in the history of the new world, as they say. It puts us in a completely different space. We need to start talking about energy security and where Ireland fits into it with its own energy security policy. Is it appropriate or logical for us to be importing oil or gas from Russia? Is that going to be our long-term aim? We all know there is a renewable policy, but that will not deliver in time for where we are at the moment. We have our own natural resources. We have natural resources off the coast of west Cork in the Barryroe oil field that has not been exploited. A terminal is being proposed for Ballylongford in County Limerick, which is also an important part of the ethos of Ireland. When natural gas is brought in, it is regarded as a transition fuel between now and 2050. There is also the potential to extend that gas field currently in operation in County Mayo that produces 40% of our gas. We need to have a comprehensive debate on how we are going to ensure we can be self-sufficient as possible when it comes to gas and oil going forward to reach our demands between now and 2050. It is not appropriate for us to put our hands up now and say that we will keep it going by using renewables. Renewables are part of that process, but they will not feed us going forward. We are in a new world and regime. We have seen how the war over the last 16 days has had a huge impact on oil and gas prices. That is going to be a huge issue for our society. We need to have a real change in policy when it comes to oil and gas in this country. We need to exploit whatever resources we have until we get our renewables set up. That will present very hard choices for some people. Those choices involve, hopefully, deciding to build an LNG terminal and trying to exploit whatever resources we have to make sure we are self-sufficient.

I, too, want to talk about the energy crisis. The vote by the Cabinet to reduce the excise duty on petrol and diesel was the correct response to a wild and unsustainable fluctuation of price in a commodity which experiences elastic demand. The idea behind the excise cut is, of course, that the reduction is passed onto the consumer and helps tackle the cost of living, with the implications that if the goal is not achieved, then the cut becomes pointless. That is exactly what we are in danger of experiencing, as reports flood in from around the country of petrol stations hiking prices in increments of 2 cent and 3 cent over the course of yesterday in order to match the 20 cent and 15 cent cut in the excise duty on unleaded petrol and diesel, respectively.

Ultimately, this will mean that the Government will be transferring millions of euro from the future Exchequer not back to the people as intended but to the international corporations and oil and gas companies. Of course we cannot expect anything else. These companies exist to please their boards and shareholders. The monopoly price-setting has one end only. They are going to find out just how high they can lift prices before shoppers begin to punish their bottom lines. If every petrol station in the country or even the majority engaged in this sort of profiteering, the average consumer would have no choice but to fill their tank at an absolute premium as demand for fuel of this kind is economically elastic and therefore companies are not punished for engaging in despicable behaviour.

While the Government's decision to cut excise duty was correct, additional steps must be taken to ensure the effect of that measure is as intended. I understand there are limitations at EU level with regard to the energy taxation directive. However, some form of freeze must be placed on petrol prices to ensure the excise cut is passed on to consumers. Otherwise Cabinet's olive branch becomes nothing but salt in the wound for ordinary people. What happened yesterday was absolutely disgraceful. I was talking to drivers yesterday of 200 lorries from the haulage group who are not going to be in business if there is no freeze on fuel. We need to look at nuclear energy and have that conversation now. We need to reopen those peat plants that were closed down.