Claiming our Future is organising its second deliberative event in Galway.
The event will involve discussion on the principles that could guide our approach to income equality, on the income, tax and welfare policies that could be implemented to reduce income inequality and on the local action that could be taken to make progress on this issue.

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Oct 2010 1) General (Closed) Forum

237 votes

Re-enact Justin Keating 1975 legislation on oil and gas and extend this to all OUR natural resources

What sort of Ireland we wish to live in. Will it be all about the financial benefit to the few or the maximum benefit to the People of Ireland.
We believed till recently that the cuts are necessary as the country is in a financial crisis but the truth is Ireland is one of the richest countries in the world in terms of natural resources, Zinc, Lead Gold, Gas and Oil.
The Division of the Department of Communications, Energy and Natural Resources state:
“In terms of tonnes of zinc discovered per sq km, Ireland ranks 1st in the world.”
According to oil experts the Corrib field and the Dunquin prospect, are collectively worth at least €400 billion. The Dunquin oil and gas reserve alone could “transform the energy requirements of Western Europe” Tony O’Reilly Junior, Providence Resources.
Finance Act 1999 set corporation tax 12.5% on the profits of OUR natural resources. In addition a raft of tax concessions are available in some cases up to 120% of expenditure.
It’s not enough to say “STOP THE CUTBACKS” we must promote an alternative


The re-enactment of Justin Keating 1975 legislation on oil and gas and extension of this to all OUR natural resources
Among the terms were:
* Up to 50% stake find in any commercial field
* 8-16% royalties
* 50% Corporation tax

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    Reports by the Petroleum Affairs Division (branch of the Dept of Communications, Energy and Natural Resources which is responsible for Irish gas and oil) estimate a potential 10 billion barrels of oil equivalent in the Atlantic Margin (West Coast). This is worth around €600 billion for the West Coast alone. Providence Resources, part owned by the O'Reilly family ( the same family with shares in the Independent Newsgroup) recently announced a find of 870million barrels of oil off the Dublin Coast...

    ther more

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    Can anyone tell me what is the present value of OUR Natural mineral, gass and oil Resources. The government seem to be very quite on this subject. It is argued that if we increase our corporation tax of 12.5% companies will leave Ireland but in therm of natural resources they cant move them somewhere else.

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    You are dead right Marie. Tax the wealth of the nation. Small and medium sized business is being destroyed by these cuts. We are being taxed out of business while the wealties people in the country are getting away scot free as shown by the info you provided.
    The Revenue Commissioners’ analysis for 2008 showed that 189 high-income individuals with an annual income of €500,000, or more, paid an average tax rate of just 19.86%. Of 234 individuals earning between €250,000 and €500,000:

    * 54 paid tax more

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    Marie get things right before you post comments. But to your credit your demand for our natural resources to benefit the Irish People is something we should all be calling for.

  5. 3

    My appologies to all. Apparently I was wrong in calling for the re-enactment of Keatings Legislation as they were only regulations. Here is a compilation of two of David Norris's emails.
    Dear Jim,
    Thanks very much for your message and for reminding me about the Keating regulations. They are actually regulations rather than legislation. The problem is that you cannot enact regulations. They come in the wake of a bill and they are ministerial regulations. The Bill empowers the Minister to make such regulation more

  6. Hi Marie. Yes. However change does not come easily and the corrupt will not desist from their amoral actions so long as we continue with the present political/economic system. Look at the political parties in Dail Eireann, can you honestly say that there is a discernable ideological difference between most of them? Change will only come if the majority ofour people demand so. It is up to those of us who desire real change to try to give leadership by persuasion. If, and I say if even the bones of a more

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    I've no real problem with a low corporate tax rate if it brings jobs for people.

    However, all corporate money - I mean all - should be very highly taxed upon leaving Ireland.

  9. 3

    Condorpaddy you ask why the sell off of our Natural resources is not discussed in the media.
    Lest we underestimate the impact of the symbiotic relationship between the media, the corporation and the state, Tony O'Reilly’s boast of his securing of the state-relinquished oil and gas resources off the west coast of Ireland, with a potential EUR1.4 billion value, to Forbes magazine in September 1983, should come as blunt realisation to those who doubt it. "Since I own 35 percent of the newspapers in Ireland I more

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    Hi Noel it may be a defeatest attitude as you say. I hope I am wrong and that people at the next election will vote for a real change in society. Based on the fact that 1% of the population are estimated to own at least 34% of the wealth of the country? Their parties FF & FG should at most get only about 5% of the vote.

    A Revenue Commissioners’ analysis for 2008 showed that 189 high-income individuals with an annual income of €500,000, or more, paid an average tax rate of just 19.86%. Of 234 individua more

  11. Marie, you say that while you agree that nationalising our country's natural resources would be aprogressive move, you feel that it is unlikely to happe. With respect that is a defeatist atitude. The value of our sea fish resources and gas/oil resources has been valued in the hundreds of billions of Euro and would more than just wipe out our government's borrowings, it would deliver to us the funds to provide the type of quality health and education facilities that we can only dream about. That surely is w more

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    Why is this not discussed in the media

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    I agree with Noel but feel that the nationalisation of our natural resources is unlikely to happen. We must demand that the government fulfill its role in looking after the best interests of the Irish people rather than the few wealthy people, some of which, of course, are not Irish.
    Donal is making a lot of sence we must pressure local TDs to realise they will not be elected again unless they act now, ...forces change. I would include in this people who are seeking election also.
    I feel we should get polit more

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    It would be preferable for our Government to do as more and more former colonial countries ar doing and nationalise all of our country's national resources. However the fall-back option could well be the Justin Keating legislation.

  15. More financial solutions to our disaster.
    Who in power is listening?
    How do you attract positive responses from government?
    Talking "round the camp fires is whistling in the wind".

    The message must be directed upwards to those in power.
    Only pressure on local TDs who realise they will not be elected again unless they act now, ...forces change.
    Discussion between unelected persons is not effective unless followed by pressure groups directing influence at local elected representatives.
    That's democracy in ac more

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    Its a discrace that with so much wealth in the country that cutbacks are causing such hardship. People are dying due to cutting back on health services. For what - to privatise the health service. Tax the greedy not the needy.

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