…to pump our oil?
Seems there’s a grudging acceptance that the contract Raphael Trotman signed on behalf of the PNC Government with Exxon won’t be unilaterally abrogated and renegotiated – a la Chavez and the Venezuelans. Not that the “Renegotiation Brigade” actually saw themselves following in the footsteps of the Caudillo of the West. They were basically a bunch of well-intentioned souls with absolutely no idea of how the world works. But it’s been remarked that “the road to hell is paved with good intentions”, as all Venezuelans – especially the 6 million who have fled on foot – know.
But the “Renegotiation Brigade” haven’t actually given up – just shifted their tactics. They’re now raising objections over how fast we should allow the International Oil Companies (IOCs) to “pump” our oil from our offshore reserves. On one extreme, one faction has actually insisted we halt production altogether and leave the oil under the seabed. They’re not as wacko as their proposal might sound. While not pushing Eric Williams’s old dictum that “oil doan spoil” and we should wait for better prices, they insist that because we won’t be contributing to pollution, we’ll be paid for our forbearance.
As to who’ll pay us and the oil companies the estimated US$100 billion or so that’ll be forgone, they don’t actually say. And that’s the catch, isn’t it? There were all sorts of schemes from up north like REDD and REDD+ and Carbon Credits to encourage decreased pollution, but we’ve seen how they all petered out, haven’t we? With an end to the world recession that started in 2008 nowhere in sight – and in fact exacerbated humongously by COVID 19 – it’s very, very unlikely any of the usual suspects have ending pollution through spending from their treasuries on their agenda.
The other argument being made is we should stretch out the rate of extraction rather than, as the VP has declared, actually accelerate production, since we need the money NOW! Your Eyewitness can’t really understand the rationale for the reduced pumping rate. Are they expecting oil prices to actually increase in the long term?? Have they been following developments in the area of “renewables”? And this has nothing to do with the major oil users being virtuous: China and India, for example, are going big time into solar energy because of their own desire to be more in control of their energy future.
Lowered demand will push prices downwards, exacerbating the hit caused by COVID-19 to deliver the long expected “Peak Oil” effect, which occurs when the cost of oil extraction exceeds the price consumers will pay. Demand will fall as will supply/production!
Let the oil – and the good times – flow!! Now!
…will the PNC accept democracy?
The PNC had insisted that “democracy isn’t just about voting”. Well, sure it ain’t – but that’s where it all starts, doesn’t it? You can’t start out by attempting the biggest and most blatant political heist in history and then start demanding the “substance” of democracy. Which, they insist, is to share the Executive with them!! Now this sounds suspiciously like the PNC’s old mantra: “if you don’t succeed at first (to “rig in” through the front door) then try again (this time, surreptitiously through the back door)!
But even if they want to sit at the table to run Guyana, what about their power in Parliament? Isn’t this why David Granger said he wanted “young blood” as PNC MPs? To shake up the PPP Government? What happened now? Cat got their tongues? And wasn’t the table enlarged to accommodate them after they rioted and created mayhem after disputing the 1997 elections?
What happened to the Sectoral Committees, two of which they Chair? Ah…no monies to loot!!
PM Mark Phillips had the perfect riposte to the PNC when they “threw talk” that he was “Window dressing” in the PPP Administration.
He told them they had to be projecting from how they treated Moses Nagamootoo! Ouch!!