Dear Editor,
There is an old saying with some validity that states “out of evil cometh good”. Human history has witnessed this apparent contradiction but a truism. Media reports of this tragic Iran US-Israeli war,[1] state that oil prices, with or without the G-7 intervention could increase as much as twenty percent.[2] The assumption is there will be no significant increase in the cost of harvesting our oil, speaking with experts, a conservative estimate of the amount the companies will now obtain is an increase of at least thirty million US dollars daily, this is an additional and unexpected revenue to the oil companies operating in Guyana. That oil is the gift of the Creator to the people of Guyana. My suggestion is that His Excellency the President immediately consult and summon the four parties represented in parliament, and obtain an agreement that he as Head of State call in all of the companies harvesting our oil, and request that there be direct transfer to the treasury of at least eighty percent of this windfall. And further that this sum be made available post haste to be shared and distributed to all government workers and pensioners using an agreed formula, a formula that will not exclude non-government workers from this bounty. Addressing cost of living and inflation is of course another matter
The President and his team should first say that if the Middle East crisis is resolved and there is some level of normalcy, then things should return as is.[3]
The parties in parliament should let the president know that when he engages those who are extracting our oil and, that he has the mandate, and he is speaking on behalf of 99.9 percent of Guyanese, and that he expects no vacillation. Our president must have the gumption to ensure that the poor are not made poorer as a result of the spike in oil prices.
Those of us who lived through the horrors of the oil crisis of the 70s, which began after the Yom Kippur war of October 1973, must know that we are now in the glorious group of being a major oil producing country, unlike in the 70s. Guyana let’s go forward, never backwards.
Sincerely,
Hamilton Green
Hamilton Green
References
Other references
Oil prices swing wildly amid mixed messages over Iran war | US-Israel war on Iran News | Al Jazeera ... An employee refuels a car at a gas station in Kuwait City, Kuwait, on March 10, 2026 [AFP] Oil prices are seeing dramatic swings as traders struggle to make sense of mixed messages about the impact of the United States and Israel’s war on Iran. Brent crude, the international benchmark, on Tuesday plunged 17 percent to fall below $80 a barrel, then rebounded to near $90 after US Secretary of Energy Chris Wright posted on the X platform – but then quickly deleted– a claim that the US Navy had escorted an oil tanker through the Strait of Hormuz. ## Recommended Stories - Trump’s Iran war: Why Democrats say classified briefings have them worried - An intercepted drone burns and falls over Erbil in Iraq - One Iranian football team member changes mind after Australia grants asylum - Iran launches wave of heavy, multi-warhead missiles White House Press Secretary Karoline Leavitt later told reporters that there had been no armed escort through the ... Oil prices fell sharply again early on Wednesday after The Wall Street Journal reported that the International Energy Agency was considering the largest release of oil reserves in its history to help keep global supplies stable. Brent crude futures were hovering below $85 a barrel as of 02:00 GMT following the news. After rising as much as 50 percent to nearly $120 a barrel before falling, oil prices still remain about 17 percent higher than they were before the US and Israel launched joint strikes on Iran on February 28. Global energy markets have been on tenterhooks amid the near halt of traffic through the Strait of Hormuz, through which about one-fifth of the global oil supply transits, as well as attacks on energy facilities across the Middle East. The effective closure of the waterway has forced Saudi Arabia, the United Arab Emirates, Kuwait and Iraq to cut oil ... A cargo ship sails off the coast of the city of Fujairah, the UAE, on February 25, 2026 [Giuseppe Cacace/AFP] ... A sustained rise in oil prices would have serious knock-on effects for the global economy, pushing up the cost of everyday goods and dragging down growth. According to an analysis by the International Monetary Fund, every 10 percent rise in oil prices corresponds with a 0.4 percent rise in inflation and a 0.15 percent reduction in economic growth. US petroleum prices have risen about 17 percent since the start of the war, while authorities in South Korea, Thailand, ... US President Donald Trump has repeatedly stated that the US Navy could be deployed to keep the strait open “if necessary”. Some analysts have cast doubt on the feasibility of such plans due to the massive backlog of ships in the region and the threat of drone and missile attacks from nearby Iranian shores. The US military said on Tuesday that it had attacked 16 Iranian mine-laying vessels near the strait after Trump had earlier warned Tehran against placing mines in the waterway. Trump and administration officials have also given conflicting accounts of how long the war might last, exacerbating unease in energy markets. On Tuesday, Trump said he expected the war to be over “very soon”, but he also said that US attacks on Iran would not ... “Analysts talk about geopolitical risk constantly, but most of the time, it remains hypothetical. What we saw this week was the market briefly treating that risk as real and repricing supply disruption in earnest,” Chad Norville, president of industry publication Rigzone, told Al Jazeera. “At the same
Sources
- Guyana should claim most of oil windfall from war in Stabroek News, March 11, 2026
- Guyana should claim most of oil windfall from war in Village Voice News, March 11, 2026
- Guyana should claim most of oil windfall from war in Kaieteur News, March 12, 2026
