We need to question our leaders more about the oil sector

Apr 30, 2023 Letters

Dear Editor,

I am not an economist so forgive my lack of understanding. That is why I am writing to the press to seek some answers.

I got the impression that based on some figure; I think 60 USD a barrel of crude, cost oil would be 75%. The 25% would be divided up between Exxon and Guyana.

I am asking if, considering that crude is being sold at over 80usd, cost oil should be a lower percentage. If not is EXXON getting a huge wind fall?

Now if Government gets around 1Billion USD for the year, am I to understand that EXXON is only making that amount of profit per year. If I can quote Trump “unbelievable”. So how does one explain EXXON’s huge jump in profits.

I also need some clarification from the Vice President and His Excellency the President re: the law governing the use of oil funds. The VP said we have the strongest laws. Our law says if the Finance Minister does not report in a timely manner the amount of money he has withdrawn from the oil fund he can be jailed for a certain period. Apparently, there is no penalty if he misspends the money which to my mind is the most important aspect. Other countries have laws with stiff penalties for misspending monies so to my lay person mind the VP was wrong and in fact we do not have the strongest law.

In fact our law is very weak in comparison. The finance Minister could get way with the mal spending of our oil resources.

It is time that more of our people commence to question and not accept blindly what our political leaders say. We owe it to our future generation to prevent the squandering of our oil resources.

We need to stand up and demand amendments to the law to hold the Finance Minister accountable for the way he expends our and I emphasis our oil money. This should be the beginning of our demands. There are many other areas that need to be addressed as it seems both parties have acted to deprive us of our national patrimony.

We hear the small voices of the younger generation in the political arena. It is time for that voice to rise to a crescendo as these parties are playing with your very future. It is time you come to the realization that there parties cannot be trusted and that some balance is required to prevent winner take all where the ruling party with a majority can do what it pleases. History has taught us that none of the parties are of the mind set to consider what the opposition says. Their barely achieving 51% seem to be a mandate for them to rule autocratically.

Mr. President do you believe what the VP said that we have the strongest laws re oil money? It is time we hear your voice Mr. President. A non-response and non-action on your part would be interpreted as an agreement with the erroneous position of the VP that you employed.

Rajendra Bisessar

BSc Sociology, LLB

1Billion, Exxon, oil sector, question, Rajendra Bisessar

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We need to question our leaders more about the oil sector

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