вSTOP CUTBACKS - Re-enact Minister Justin Keatingвs 1975 Irish Legislation On Oil and Gas Exploration and Extend Terms to all Irish Natural Resourcesв. sign now

вSTOP CUTBACKS - Re-enact Minister Justin Keatingвs 1975 Irish Legislation On Oil And Gas Exploration and extend terms to all Irish Natural Resourcesв.

The people of Ireland are repeatedly told that the cuts in health, education and other public services are necessary as the country is in a financial crisis but the truth is we are extremely wealthy in natural resources, Zinc, Lead Gold, Gas and Oil.

The Division of the Department of Communications, Marine and Natural Resources state:
вIn terms of tonnes of zinc discovered per sq km, Ireland ranks 1st in the world.в

Finance Act 1999 set corporation tax 12.5\% on the profits of OUR natural resources while cutbacks are causing great hardship to the people. In addition a raft of tax concessions are available to mining companies.

According to oil experts the two most well known Irish hydrocarbon deposits, the Corrib field and the Dunquin prospect, are collectively worth at least в400 billion. The Dunquin oil and gas reserve alone could вtransform the energy requirements of Western Europeв according to Tony OвReilly Junior, Providence Resources one of the owners of the field.

ALГ, the community theatre organisation, believe it is not enough to say вSTOP THE CUTBACKSв we must promote an alternative.

WHAT IS THE ALTERNATIVE?

In 1975 Justin Keating, Irish Minister for Industry and Commerce, 1973/77 introduced legislation on oil and gas prospecting and recovery of hydrocarbons within Irish waters.
Among the terms were:
* Up to 50\% stake find in any commercial field
* 8-16\% royalties
* 50\% Corporation tax

Due to changes in legislation since 1975 the people of Ireland will receive:
* No royalties
* No percentage share
* No reduced price for Irish oil and gas
* No guaranteed jobs
Energy companies will only pay tax at 25\% or 40\% for massive fields, less all capital expenditure costs, backdated by up to twenty-five years

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Christie LarsenBy:
Politics and GovernmentIn:
Petition target:
Irish Government

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