Belmopan, Belize 7 February (Belizean.com) Crime
continues out of control, the cost of living continues to climb and
public confidence in our elected officials continues its plummet to the
lowest point ever.  Yet, the hottest issue on the "Queen
Square Market Floor" is not any of these but "oil".  A
newspaper article out of Ireland published on the internet has created
quite a stir and has Belizeans asking a couple of long overdue
questions.  How much oil is being extracted from our
country and who is really benefitting? 

Since
2005 when the first well in Spanish Lookout began producing, Belize
National Energy (BNE) has seen its production reach almost 5,000 barrels
per day.  With oil prices fluctuating from as high as
US$143 to a current US$83 per barrel, that's quite a fistful of dollars. 
The government of Belize (not to be confused with the people of
Belize) has realized a little over 17% of the take.  Considering
the fact that some oil producing countries enjoy as much as 80 percent
of revenues from their oil, the current sharing ratio from our wells
leaves our representatives looking woefully inept negotiators indeed. 

Compared
to large oil producing countries like Saudi Arabia, Venezuela or
Nigeria, Belize's find thus far is relatively small.  With
only slightly over 300,000 mouths to feed however, we don't need much to
improve the condition of our citizens. "Much" is nowhere near what we
have been receiving and most consider our share to be closer to the sum
of"none". 

Belize
is in a unique position with many different models to learn from. 
In Kuwait for example, oil revenues have been used to totally
eradicated hunger and poverty and has been
used to finance social welfare, public works, and elaborate development
programs.   Among the benefits for Kuwaiti citizens are
retirement income, marriage bonuses, housing loans, virtually guaranteed
employment, free medical services, and free education at all levels.  The
Kuwaiti government occasionally disburses a portion of its budget
surplus as a grant to all its citizens. In 2006, approximately $1,500,
known as the Amiri grant, was made available to every citizen of Kuwait.
In 2007, the government implemented a debt forgiveness scheme for all
citizens amounting to just over U.S. $1 billion.  That's
how you share the wealth!

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