Insufficient privs when trying to execute an Oracle stored proc

I have created the stored procedure below. If I try to execute it, I am getting an insufficient priviledges error message.
Does anyone have any idea why?


CREATE OR REPLACE PROCEDURE SIMPLE
IS
 BEGIN
  EXECUTE IMMEDIATE 'CREATE TABLE ELIX (ID INT NULL);
  EXECUTE IMMEDIATE 'GRANT INSERT ON B1';
  EXECUTE IMMEDIATE 'INSERT INTO ELIX (ID) VALUES (1)';
END;

EXECUTE SIMPLE

Error starting at line : 3 in command -
EXECUTE SIMPLE
Error report -
ORA-01031: "insufficen
*Cause: An attempt was made to perform a database operation without the necessary privileges