:‘we are failing ourselves’: Independent Senator David Small
port of spain
INDEPENDENT Senator David Small yesterday called on the Government to penalise those who have a high electricity usage by imposing a surcharge.
Speaking in the budget debate in the Senate, Small said the Government subsidy on electricity rates was at least $700 million a year and could run to as much as $2 billion. He said this needed to be tackled.
Small said he supported the removal of the gas subsidy, but urged Government to make it more predictable.
If you say what you are going to do over a period of time, it is more palatable to the population, he said.
Knocks oil company head
Small said he had a problem with the chief executive officer of any company publicly challenging the Government.
Small did not name the company or the CEO, but two weeks ago bpTT regional president Norman Christie suggested that if the Government did not make investment terms more attractive to energy companies, his company would consider pulling out of Trinidad and Tobago because they had not yet committed to a long-term investment.
Small said he was excited about the Dragon hydrocarbon field which could “turn the tide here”.
He said the country for too long has been in a situation where there is large supplier, which acts as a virtual monopoly power.
“As a citizen of Trinidad and Tobago I have a difficulty with any CEO of any company signalling to the Government that ‘if you don’t do this, then perhaps we will not have to do this’. I have a huge, massive difficulty (with that). I do not accept that. The last time I checked we are a sovereign state. You are a CEO. And understand this, I don’t blame the CEO. I know him well. He is my friend. But he is getting instructions from other places and all he is doing to following the instructions. And there is nothing wrong with that. But it is up to us to push back...to say ‘we hear you, and we are willing to facilitate...but here is what we need’...But that is a failing, I have been in the room and we are not sure what we want.”
Stating that the oil and gas industry in Trinidad and Tobago, even with depressed prices, was worth at least $100 billion, Small said if there was an industry generating as much as $150 billion and the State was only receiving $18 to $19 billion in revenue, something was wrong with the system because somebody else (not the State) was getting $132 billion.
“We are failing ourselves so we need to understand the size of the pie and the revenue-generating potential of the energy business and then work out a strategy so that our citizens maximise and earn the benefits from that. I know it is not going to be easy. But here’s what? Put me in the (negotiating) room and I don’t need to say a word, (I will) just be there for intimidation,” he said.
Small also said the Ministry of Energy had to have a proper strategy in looking at the issue of volume and production in the oil and gas sector.
Saying that he had worked in this ministry and knew that the planning capacity existed, Small said he could not understand the “inertia” in the Ministry of Energy.
Why must State do it all?
Small said the State enterprise system was broken.
“There is a malaise affecting the system where people don’t feel they have a responsibility to report to the Minister, the Parliament. Nobody is held to account and everybody gets away with it,” he said.
He also called on the private sector to do more, asking why must the government provide opportunities and contracts for businesses just to survive.
“Where are our true entrepreneurs?” he asked. “Where are our corporate sponsors? Why must the State contribute to every cultural event? Why does everyone expect the State to provide everything for free? Where is our patriotism?” he asked.
However, Small congratulated the Minister of Finance for the tax-free savings bonds announced in the budget, saying that it was necessary because of the “ongoing banditry of bank fees” and the huge gap between the interest rates in borrowing and the interest rate on deposit.
“I hope it will cause a migration of capital which is sitting there (in the banks) earning nothing,” he said.
Shut down ACIB
Once again expressing his frustration over the lack of prosecutions for white collar crime, Small advised that the Anti-Corruption Investigation Bureau, the Securities and Exchange Commission and other such investigative bodies should be shut down because “not a man has appeared before a magistrate...and people are just living the wonderful life.”
On the issue of climate change, Small said from May 2015 to now the country was on an “unprecedented run where every succeeding month in the hottest month in the recorded history of mankind”.
He said in this current run, 2016 will be the hottest year in recorded history, even if temperatures cool in the next two months.
Small stressed that the biggest impact of climate change was sea level rise
Speaking in the budget debate in the Senate, Small said the Government subsidy on electricity rates was at least $700 million a year and could run to as much as $2 billion. He said this needed to be tackled.
Small said he supported the removal of the gas subsidy, but urged Government to make it more predictable.
If you say what you are going to do over a period of time, it is more palatable to the population, he said.
Knocks oil company head
Small said he had a problem with the chief executive officer of any company publicly challenging the Government.
Small did not name the company or the CEO, but two weeks ago bpTT regional president Norman Christie suggested that if the Government did not make investment terms more attractive to energy companies, his company would consider pulling out of Trinidad and Tobago because they had not yet committed to a long-term investment.
Small said he was excited about the Dragon hydrocarbon field which could “turn the tide here”.
He said the country for too long has been in a situation where there is large supplier, which acts as a virtual monopoly power.
“As a citizen of Trinidad and Tobago I have a difficulty with any CEO of any company signalling to the Government that ‘if you don’t do this, then perhaps we will not have to do this’. I have a huge, massive difficulty (with that). I do not accept that. The last time I checked we are a sovereign state. You are a CEO. And understand this, I don’t blame the CEO. I know him well. He is my friend. But he is getting instructions from other places and all he is doing to following the instructions. And there is nothing wrong with that. But it is up to us to push back...to say ‘we hear you, and we are willing to facilitate...but here is what we need’...But that is a failing, I have been in the room and we are not sure what we want.”
Stating that the oil and gas industry in Trinidad and Tobago, even with depressed prices, was worth at least $100 billion, Small said if there was an industry generating as much as $150 billion and the State was only receiving $18 to $19 billion in revenue, something was wrong with the system because somebody else (not the State) was getting $132 billion.
“We are failing ourselves so we need to understand the size of the pie and the revenue-generating potential of the energy business and then work out a strategy so that our citizens maximise and earn the benefits from that. I know it is not going to be easy. But here’s what? Put me in the (negotiating) room and I don’t need to say a word, (I will) just be there for intimidation,” he said.
Small also said the Ministry of Energy had to have a proper strategy in looking at the issue of volume and production in the oil and gas sector.
Saying that he had worked in this ministry and knew that the planning capacity existed, Small said he could not understand the “inertia” in the Ministry of Energy.
Why must State do it all?
Small said the State enterprise system was broken.
“There is a malaise affecting the system where people don’t feel they have a responsibility to report to the Minister, the Parliament. Nobody is held to account and everybody gets away with it,” he said.
He also called on the private sector to do more, asking why must the government provide opportunities and contracts for businesses just to survive.
“Where are our true entrepreneurs?” he asked. “Where are our corporate sponsors? Why must the State contribute to every cultural event? Why does everyone expect the State to provide everything for free? Where is our patriotism?” he asked.
However, Small congratulated the Minister of Finance for the tax-free savings bonds announced in the budget, saying that it was necessary because of the “ongoing banditry of bank fees” and the huge gap between the interest rates in borrowing and the interest rate on deposit.
“I hope it will cause a migration of capital which is sitting there (in the banks) earning nothing,” he said.
Shut down ACIB
Once again expressing his frustration over the lack of prosecutions for white collar crime, Small advised that the Anti-Corruption Investigation Bureau, the Securities and Exchange Commission and other such investigative bodies should be shut down because “not a man has appeared before a magistrate...and people are just living the wonderful life.”
On the issue of climate change, Small said from May 2015 to now the country was on an “unprecedented run where every succeeding month in the hottest month in the recorded history of mankind”.
He said in this current run, 2016 will be the hottest year in recorded history, even if temperatures cool in the next two months.
Small stressed that the biggest impact of climate change was sea level rise
