Manning,
Kamla clash over oil, gas
By Anna Ramdass
Trinidad Express
Port
Spain
Petroleumworldtt.com
11 19 06
Prime Minister Patrick Manning and Opposition Leader
Kamla Persad-Bissessar came head to head in Parliament
on Friday, over the issue of oil and gas, which
Manning said could be predicted when it was depleting.
The
debate arose during Persad-Bissessar's contribution
to the Heritage and Stabilisation Fund Bill, as
she highlighted the Government's dependency on the
energy sector.
Persad-Bissessar
said the Government should not be putting all its
eggs in one basket, as this could lead to economic
disaster.
"Nothing
is being done when it comes to diversifying the
economy," she said, adding that when there
were downturns in the revenue, this could trigger
shocks to the economy.
Her
words brought Manning to his feet.
"The
petroleum engineers will tell you oil and gas will
decline in accordance with an exponential and arithmetical
basis," Manning said.
"The
decline of oil and gas production doesn't happen
by way of shocks...it is predictable and therefore
the argument that we are subjected to shocks is
not a sustainable argument."
Manning
added that the Government had to commit to the exploration
of resources even though it is risky and expensive
to guarantee that there would be discoveries.
"You
cannot guarantee it," chided Caroni East MP
Ganga Singh.
"I
do take umbrage... I agree with the point you're
making, but the Prime Minister makes it appear that
anyone who says something different is talking dotishness,"
said Persad-Bissessar.
She
continued her argument, saying that even if the
Government sets up a fund, there would still be
great dependency on the energy sector and this was
dangerous.
She
advised that the Government use the oil and gas
revenue to diversify the economy and referred to
Norway's diversified economy that has less than
50 per cent of it revenue from the energy sector.
"You
must take all the steps, move full steam ahead to
diversify the economy," she said.
"But,
we're doing it," said Manning.
St
Joseph MP Gerald Yetming, in his contribution, also
took the Government to task on its dependency on
the energy sector and its contribution to the high
inflation rate.
Yetming
said that the Government, through its reckless spending,
was responsible for the high inflation.
These
words also brought Manning to his feet.
Manning
tried to defend his Government and asked Yetming
if he did not think that the private sector was
not also guilty of the increasing inflation.
Yetming
lashed back that the Government was largely responsible
as it was spending billions of dollars and still
not moving to diversify the economy.
Trinidad
Express
Monday, November 13th 2006
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