Irving Oil has yet to respond to concerns that the Whitegate Oil Refinery could close before Christmas.
Cork East TD Pat Buckley says he is seriously concerned that over 170 jobs could be lost at the refinery and is calling for the state to consider re-nationalising it.
It follows concerns that the country may face power blackouts over the next few years due to increased demand on the powergrid coupled with a shortage of supply.
Deputy Buckley told RedFM News that it would be a massive blow to East Cork if it closes and he outlined what he believes may be the reason for a possible closure.
"We understand that gas prices have gone through the roof, so that's adding to it.
"The demand during Covid wasn't there, so that's possibly leading to some instances there, but I think there's more there.
"I think the Minister has an obligation to engage with the company and iron out what actually is happening here."
