The bedrock of survival and prosperity
published: Friday | May 28, 2004

THE EDITOR, Sir:

ON THURSDAY May 20, 2004, I was listening to the programme 'Drive Time Live'. The guest was Dr. Raymond Wright, head of Petrojam. The discussion was the current price of oil and its implications for the Jamaican economy. Dr. Wright said some interesting and disturbing things.

Disturbing, because Dr. Wright said inter alia that Jamaica's oil bill for 2003 at $28.00 per barrel, was 75 per cent of the country's total export earnings. At the time of the discussion, the price of oil was $41.00 per barrel. The difference between 41 and 28 is 13. Thirteen is 46.28% of 28. (Therefore 46.28% of 75% = 34.821%). Hence, if the current price of $41.00 per barrel is maintained, Jamaica's oil bill for 2004 would be 75% + 34.821 = 109.82%) of the country's export earnings. This is disturbing to say the least.

Is it beyond our excogitativeness as a country, to formulate an "Energy Policy" to cushion the impact of future adverse eventualities bearing in mind that the problem has been with us for 31 years of which the genesis was 1973? As a nation we must be perpetually focused on a 'vibrant future' which is the bedrock of survival and prosperity for us.

I am, etc.,

REX. W. THOMAS

P.O Box 261

May Pen