A top official at the U.S. Embassy is cautioning The Bahamas on accelerating its economic ties with Venezuela in an effort to procure cheaper oil.
Alex Sokoloff, political and economics officer in Nassau, noted that there is “no such thing as cheaper oil”.
The political and economics officer at the U.S. Embassy was responding to consistent comments from the chairman of Bahamas Electricity Corporation (BEC) Leslie Miller on his intention to court Venezuela and broker more favorable terms for oil.
Venezuela’s membership in international organizations, such as the Organization of the Petroleum Exporting Countries (OPEC), prevents the South American nation from altering the market price.
Instead, a more likely scenario is either a long-term credit burden or other political strings attached to any deal, Sokoloff noted.
Said Sokoloff, “I would say beware of Greeks bearing gifts. There is a reason they are offering it. It is because there are strings attached, or a longer term benefit to them.”
Sokoloff is one of several U.S. officials leading a Bahamian delegation in Orlando this week for Solar Power International, one of the largest events of its kind in the world.
Miller revealed that the public corporation hopes to spend $300 million on new and refurbished equipment at Clifton Pier to boost efficiency. Coupled with that is finding cheaper or more fixed prices on oil from the international market.
Sokoloff says The Bahamas should be looking at bringing in sustainable renewable energy solutions much sooner.