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Why Guyana’s policy is ‘pump, pump, pump?
Dear Editor,
The traditional oil producing countries act to defend oil prices. They would increase or decrease production as the situation demands.
One of the geopolitical interests of the West is to put strain on the Russian economy and so they would do everything to reduce the price of oil so as to reduce money flow into the Russian economy.
The price of crude has fallen and with increased supplies from Venezuela prices may fall further. The situation in Iran seems to be slowing the fall as most know that if Iran blocks ships in the Strait of Hormuz this would cause oil prices to soar.
My question is why is Guyana policy is pump pump pump when it is said our crude supply is assisting the downward slide of the price of crude. So, should Guyana not behave like the traditional oil producing countries and reduce production to help stabilise the price of crude.
It seems that our policy of pump pump pump is contributing to us earning less less and less.
I have asked before and I would ask again. It is claimed that the profit share is 12.5% to us and same to Exxon. The reality is we are paying the taxes for EXON. If that is so does it not mean we are actually getting less than 12.5%. Could some finance person, accountant inform us, based on the figures how much taxes is supposed to be paid by EXON.
I have asked this question many times before. Do we not have anyone in Guyana who is capable of answering this question? Anyone in the diaspora?
Sincerely,
Rajendra Bisessar
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