Penultimate verse......have crippled the capall (capall = Irish for horse), meaning = the tractor replaces the ccapall/horse.
Faraway OPEC (Oil producing and exporting countries)....serious social commentary here by the writer...OPOEC control world oil prices, hence we richly endow' them or line their pockets.
Colm O'Donnell on 'Farewell to Evening Dances' which is a mighty CD gives a master class on how to sing this song, a legend.