Dangers of oil drilling

As of Wednesday, November 25, 2020

EDITOR, The Tribune.

I recently read with interest the comments espousing the multiple advantages with very few disadvantages of drilling for oil in our pristine waters.

As there has been very little erudite comment by our Government and even less by the Official Opposition with regard to this potentially toxic venture, I began to wonder why.

With BPC’s recent price collapse, the world moving away from fossil fuels toward renewable energy sources and the ongoing COVID-19 pandemic, could it be that many Bahamians are knee-deep in financial ruin – with little to zero probability of recovery – if BPC is not allowed to drill for oil?

Full financial disclosure by our Members of Parliament, Members of the Official Opposition and possibly all major Bahamian shareholders would go a long way in soothing the concerns of the Bahamian electorate.

I have attached documents of my email to BPC’s shareholder enquiries division (not published here), one analyst’s opinion of BPC’s financial report card, BPC’s collapsed share price and the number of shares and stock options owned by Director James Smith.

Please note that the information about the directors is from BPC’s official website.

Also, I do not wish to cast aspersion on our former Central Bank Governor, Mr James Smith, therefore, if he is not the director listed, I wish to whole-heartedly apologise for any untoward implications.

As an aside, if Mr Simon Potter, Bahamas Petroleum Company’s CEO, is so sure that an oil spill will not occur, BPC should be made to insure the life (and health) of each Bahamian citizen for an amount that will guarantee our financial survival in the event of an oil spill eg $5m-$10m per person, adjusted annually for inflation.

If the risk of an oil spill is miniscule, the cost of insurance would also be miniscule relative to the profits.

I’m sure our Bahamian insurance adjusters could provide the service.

Please make no mistake, a major oil spill would destroy our way of life and most of us would have to uproot ourselves and our families to find a decent country in which to live.

I’m just asking?

SY COOLIDGE PIERRE, MD

A Concerned Bahamian Citizen

Nassau,

November 24, 2020.

Porcupine 3 years, 5 months ago

I heard from a government insider that it is a done deal. Perhaps that is why Prime Minister Minnis is silent on oil drilling. He must know he is being duplicitous in asking for money to help harden our defenses for impending sea level rise, while at the same time making deals that he must know hastens our demise. The rich will simply move. Minnis and our other Bahamian representatives will be long gone when the shit hits the fan. Quicker than their treatment for Covid, our leaders will be counting their oil money bribes in a foreign country. Miinnis is selling this country out. He is not a scientist, he is an opportunist. Just like most politicians. Overly cynical? No.

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