National Oil Reserves Agency (Amendment) Bill 2026: Second Stage
Seanad Éireann — 2026-03-26
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Lorraine Clifford-Lee (FF), Nominated by the Taoiseach

I thank the Minister of State for outlining the importance of this Bill. We are all very much aware of what is happening to energy prices currently. It is very difficult for individuals and businesses. I commend him and his colleagues in government on taking the action they have taken this week. We are very concerned about the humanitarian impact of war in the Middle East, but the blocking of the Strait of Hormuz unprecedented. There is a very real risk of major economic global shock and we are starting to see the ripple effects of it. It is appropriate that the Government is taking steps to alleviate the impact on households and businesses.
However, we do not know what the duration of the shock will be and we do not know what the impact will be. It is very important to take measures that are applicable for the moment and which give families and businesses breathing space. I know the Government is taking it day by day and watching it closely. It is important that we do not use everything that is in the tank, pardon the pun, in the first go because we do not know how long this will go on for. We need to make sure that and the best interests of the Irish public are served by the reserves, the finances and the funding that we have. We are lucky that the economy is in such a strong position that we are able to take these measures. We can look across the water at the difficulties that the British Government is facing. Its economy is not in as robust health as our economy and it will be very difficult for it.
I commend the Minister of State on bringing this Bill before us and he has our full support in that. I look forward to its quick passage because the sooner we get this passed, the sooner it can be implemented by the deadline outlined in his speech. I look forward to the cost of energy reducing for people even further.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2026-03-26/debate/main
Retrieved: 2026-08-14T04:54:47+00:00
Sitting date: 2026-03-26