The Tribune

By AVA TURNQUEST

Tribune Staff Reporter

aturnquest@tribunemedia.net

OIL exploration and the use of liquefied natural gas is critical to the diversification of the Bahamas' economy, according to PLP candidate Leslie Miller, who said that LNG was the energy of the future.

The former Minister of Trade and Industry said that there was no scientific material to support criticisms of the operation of LNG and compressed natural gas plants in the country.

If elected as the next government, Mr Miller said that the PLP administration would seek to resume negotiations initiated during their last term in office with the energy company, AES Corporation.

"What is at stake is paying off our national debt with resources God has given us," Mr Miller said.

"We must try to grasp all opportunities within reach to enhance the lives of Bahamians. If exploring for natural gas and crude oil will bring better opportunities, why not do it? Every other country in the world is doing it."

He added: "In Sweden, which is 5th or 6th in the world for producing oil, they are using mostly LNG rather than their own crude oil. They're selling their crude oil on the world market and have converted most of their facilities to use LNG. In Trinidad most of the vehicles, the regular cars, use LNG. There are tremendous savings, and there has been no loss of life. Look at the tsunami that hit Japan last year, there was no single loss of life at one regassification terminal. It is the cleanest, safest, cheapest fuel."

Earlier this week, the PLP released its Charter for Governance, a blueprint on how they will govern if victorious at the polls on May 7.

Among some if its key elements, the PLP also promises to put to a referendum the prospects of a national lottery and gambling in the Bahamas, and launch Operation Home Restoration - a 10-point plan to mitigate home foreclosures.

High energy costs are the number one deterrent for the tourism industry, according to Mr Miller, who said that hoteliers face utility expenses that far outstrip any other destination. The majority of the opposition to LNG is politically motivated, according to Mr Miller, who said that naysayers try to capitalize the public's ignorance and fear of the unknown. Mr Miller maintained that no political party held ownership of natural resources.

"For the next 100 years, we will still be begging the foreign investor to come and put another hotel. We must diversify and expand our base, tourism and the finance industry cannot be enough. The population growth exceeds 3 per cent per annum, (tourism) cannot absorb the amount of Bahamians looking for jobs."

Mr Miller added: "We have to get out of the box we in, the box that Sir Stafford Sands left us in 50 years ago. That's history now let's move into the 21st century with bold ideas to put the country on the right footing."