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Politician Looking To Fast-Track Legislation To Deal With Oil Emergency

File image: Rolling News

Ireland has about 85 days of strategic stocks

Politicians are looking to fast-track new legislation to deal with a potential oil emergency.

The Environment Minister, Eamon Ryan, is seeking priority for the drafting of the Oil Emergency Contingency and Transfer of Renewable Transport Fuels Functions Bill 2022.

The main purpose of this Bill is to strengthen the Government’s ability to manage stocks in the unlikely event of a curtailment of oil supplies.

It is important to stress that there is no such concern or risk at present and this is about contingency.

Ireland has about 85 days of strategic stocks and International oil supplies and prices have been steady over recent months.

Key measures to be introduced in the Bill include:
• clarity around the powers of the Minister, and how quickly they can be deployed to control the supply and distribution of fuel in an emergency;
• putting all aspects of oil emergency planning on a statutory footing;

And establishing a register of oil suppliers to ensure fast communication to retailers.

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