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Page One comment WHAT HAPPENS WHEN OIL ENDS?

Jun 23, 2019 News

The world’s supply of oil is exhaustible. It will eventually run out. Some studies have predicted that with increased oil consumption, the world’s oil reserves, even with new discoveries, can be exhausted within the next 60 years.
Guyana will soon become an oil producing state but our oil, too, will not last forever. Our oil boom will eventually come to an end. What happens then?
Our leaders have a responsibility to ensure that when our oil reserves are exhausted that our economy will not be extinguished. They must manage our natural resources sustainably for the benefit of future generations.
When the oil ends, our economy and people must have recourse to other sources of wealth.
Many countries have failed to make provision for the end of oil and their economies and people have suffered as a consequence. Trinidad and Tobago is a prime example.
Guyana is not short of natural resources. Apart from oil, there are gold, diamonds, bauxite, manganese, other precious minerals and timber. These resources must be preserved to provide for future generations.
The government must safeguard these resources from the threat of over-exploitation. The government should consider placing limitations or quotas on the exploitation of existing non-renewable resources so as to ensure when oil runs out, our future generations can turn to those protected resources.

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