Congress of the People (COP) Deputy Political Leader, Carolyn Seepersad-Bachan, yesterday called on the Government to explain why it is only now-when gas reserves are low and the world is in economic crisis-making efforts to attract more foreign energy investors and explorers.

Speaking at a press conference at the party’s Charlieville headquarters, Seepersard-Bachan said the State should have started a new energy thrust two or three years ago, when it became clear that a crisis was looming and that known reserves were starting to dwindle.

’We knew all along that we were consuming and not finding,’ Seepersad-Bachan said.

’Economists and energy experts have been urging the Government for the past few years to begin seeking new investors in the energy sector, and to strengthen other sectors of the economy. Why have they waited until now to do so?

’The world is in an economic crisis, the price of oil and gas are low and the State is only now bringing out a fiscal regime to attract investors and explorers. Why now, when you have no negotiating power?’

Even if the new energy thrust is successful in attracting investors, she said, it could be up to three years, following negotiations and the setting up of new sites, before the actual explorations begin.

’Even then, these deep water explorations could come up empty,’ Seepersad-Bachan said.

Referring to statements last week by Finance Minister Karen Nunez-Tesheira, that Government remains committed to its cache of mega-projects, Seepersad-Bachan said the COP is concerned that with no foreign capital flowing into the country, these projects will be funded by taxpayers’ money.

’We know that we do not have the gas or the foreign capital, so our deepest concern is that the Government will force State enterprises and will itself seek to fund these projects,’ she said.

’This means that the people will be the ones to bear the financial burden in this time of economic crisis.’

Seepersad-Bachan, an energy expert, said that the Government should also not be going into any more LNG projects at this time and that current gas reserves must be used for the benefit of the people.

’We believe that the Government is contemplating a removal of the subsidy on super (gasoline) and that there will follow an increase in gasoline prices, therefore an increase in transport prices for an already burdened public,’ she said.

’People must resist that at all costs. Fuel prices should not be raised until transport issues for the general public have been worked out - the first step being to sort out the establishment of a CNG network.’