Dear Editor,

SOME critics are opposed to oil exploration, drilling, and production; they feel Guyana should leave the oil under the seabed. That is not an option; there is no gain in leaving the oil. Other countries could possibly tap into a vein that hold Guyana’s oil and financially benefit from its extraction. Why should Guyana not benefit from oil and gas?
Vice-President Jagdeo is right that Guyana should expedite the extraction of oil and gas, as there could be a finite time during which Guyana would benefit from oil extraction (sale) before the globe switches to renewable energy (solar, water, wind) and or oil prices dwindle. Oil price is at its highest. Guyana has received financial benefits over the last 14 months as a result of oil production; not a fair amount as many have penned, but it is the contract, and is more than what would have obtained had the oil remained under the seabed. Offshore drilling benefits the country, improving the economy as a whole. Increased revenues resulting from production reduce trade deficit, expand economic activity, and strengthens the value of our money. It is a win for Guyana.
Oil is very important to rapid growth for many countries. Job growth, increased revenues, and economic stability result from oil-and-gas drilling and production. These revenues greatly improve economic success of countries, providing resources for infrastructure development. Oil drilling and production stimulates the economy, resulting in rapid growth and development. Thus, oil production must be kept thriving for the country to continue to develop and grow. Reducing offshore oil and gas production could have a devastating impact on not only the domestic economy, but also the global economy as less money would be in circulation, in addition to less energy resulting in higher prices for oil and gas. In such a situation, the consumer is hurt. And if there is less drilling in Guyana or less production, the country gets less revenues with the economy negatively affected.
Offshore drilling has many advantages for Guyana. It eliminates risk of damage to land had the drilling occurred onshore. In addition, offshore drilling is contributing substantially to global energy independence from OPEC. Guyana’s production is small, but it still reduces dependence on OPEC oil. OPEC can hold the global community to ransom or blackmail, and determine oil price. So increased production by Guyana helps to lower the price of oil, while also making more oil available for world consumption.
Several companies are expanding offshore drilling in Guyana, spending large amounts of money from which the country benefits. While the companies directly involved in drilling and production are benefiting by extracting oil, companies on the periphery of the industry are also benefiting, providing goods and services to those within the oil-and-gas market and servicing workers. This leads to job creation in the industry, as well as in the community where shore bases are established. Working for the oil company helps to improve the lives of families of those working in the industry, as well as those who live in proximity to shore bases or where the oil and gas companies are headquartered or have offices. Guyanese have been steadily employed, with more and more local Guyanese getting oil-related jobs, reducing employment rates, and causing the economy to flourish and thrive. Employment is very important; the more people employed, the more money is being spent. The more jobs that are available, the better the economy will fare overall. In addition, businesses are able to grow and expand because workers have more expendable income.
With tens of billions being spent in drilling and production in the offshore oil and gas market, it is building businesses. When oil companies move into an area and develop it, they also begin to support local businesses. Offshore oil and gas production strengthens the local economy providing that community with financial trickle-down effect. This in turn leads to more job creation. And this in and of itself would attract more people to certain communities where oil workers live, essentially transforming it into a more attractive place to live. This additionally improves real estate values in the area. Restricting access to oil and gas hurts the economy, driving income down. Also, increased national revenues from oil makes more funds available for social programmes to reduce political instability.
The production of oil is infusing tens of billions of dollars into our economy, resulting in manufacturing, supporting the development of new jobs, infrastructure, and economic opportunity. It is also supporting private sector investment and furthering economic growth. The quicker we get the oil out, the better for the country. Drilling and extracting oil under the sea bed will not hurt Guyana.

Yours sincerely,
Vishnu Bisram