Petition: Ireland's natural resources belong to the Irish-Petition

It has been estimated that the Corrib gas field off the coast of Co. Mayo is worth €13bn, Barryroe oil field off the coast of Co. Cork is worth €85bn and the oil field off the coast of Dalkey, Co.Dublin is worth approximately €60bn (current price of crude oil = $110/barrel approx.). Under current legislation, Ireland receives little or no financial gain from the sale of its natural resources. Ireland has the lowest taxation terms of any developed country. The current tax rate imposed on oil and gas companies stands at 25% of profits incurred. What many people don't know is that this tax has a 100% write-off against exploration and development costs extending back to 25 years before the oil or gas field goes into production. This practically means that oil and gas companies pay little or no tax to the Irish exchequer. On top of that, oil and gas companies are not required to supply Ireland with any of the oil and gas they find. Nor are they required to refine their produce in Ireland. They are not even required to employ a single Irish person.

The Irish fishing industry has also been sold out by past and present Irish governments who agree to unfair EU fishing quotas. The total available catch off Ireland last year was estimated at €1bn. Of this value, Ireland was only entitled to catch €0.19bn, the rest going to other EU countries.

The present Irish government are also considering selling off Ireland's forest harvesting rights for 80 years. This sell off would raise approximately 3 weeks loan interest on the national debt while at the same time destroying tourism. Under the proposed deal, Ireland would be required to replant the trees that are harvested by private companies. This would actually cost the state money instead of alleviating its financial woes.