Therefore who will fill that void? Who would best be to fill that? And what I want you to think of, I am being a bit jaded here. I believe I wish to see an American company come in there and fill that space. How would you see that taking place and what would you recommend? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well placed to fill deep space on the occasion that Venezuela is no longer able to provide through the Petrocaribe program. I believe the surplus natural gas, I think the growth of clean and renewable resource, the region is actually at a crossroads in terms of transitioning to tidy and renewable energy whether its solar or wind.
Among the concerns, for example, is OPEC has a large quantity of investment in the Caribbean in the energy area. But there are two problems. The size of the marketplaces in the smaller sized countries of the Caribbean do not always enable them to get OPEC financing or really be able to put together a great plan for OPEC financing, and the 2nd point is lack of expediency research studies (What does finance a car mean). Which of these arguments might be used by someone who supports strict campaign finance laws?. OPEC does not make grants and it does not do feasibility research studies and so there is a lot of legwork that needs to be done in order bring a few of this new innovation into the space.
Yoho. Exists any private partnerships, private-public collaborations or NGOs that you would recommend that would be best matched, you know, with the oil business and, you understand, one of our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You need to like that. Is that a segue you wish to-- Ms. Yearwood. No, I think there are a lot of entities in the U.S. that are working on energy in the Caribbean. Mr. Yoho. Okay. And I guess my issue is we can't fret about what took place in the past over the last 20 or thirty years.
And I know our feelings are we don't want to tell you how to live, we just desire to be good trading partners with you, but help end up being strong trading partners where we develop a financial base in your nations. And with the influence of China, all my life China was kind of an adolescent, but in the last, state ten years, I have seen them turn into puberty and they have a lot of cash and they are starting to feel the effects of their testosterone. And we have seen that in the South China Sea, however we have actually seen the investments they have performed in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have actually carried out in Panama and Honduras and all that.
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I simply believe there are better partners that we can have and I think that would originate from the excellent ol' U.S. of A. And so policies that you would help direct us, you know, whether it is ag, energy, simply merchandise trade, what would you recommend, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. And let me make a fast footnote on the China issue, first, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real specialist on this. I don't wish to step on your toes. But it is various in the Caribbean than it remains in South America, for instance, where it is much more commercial, it is far more commodities based.
You still have the political competition with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we have to remember that part of the element as well. In terms of the energy relationship, among the things we are discovering from the reforms in Mexico is it is not time share cost simply oil and gas drilling, for example. Everybody concentrates on that in the majors in the deepwater in the Gulf of Mexico and when is the next quote round and all that. But what it is much more impactful in Mexico is the power grid, the electrical power, and we buy time shares when that gets freed up the cost of electrical power boils down which is really great for the consumer.
Therefore if you can bring that expense to the consumer, to start with, you have more non reusable income to spend on other things, but likewise it becomes a far more competitive industrial platform to start to produce therefore that begins to bring financial investment, which right now is more minimal since once again on the size of the economy. So if there is one element that might really be focused on, you understand, it is not let's continue to import dirty diesel fuel and a few of the actually filthy pollutants that Venezuela is providing - How long can you finance a used car. Let's help convert the Caribbean to a tidy energy power grid that can be used far more effectively that where the expense of electrical energy can come down and make the entire area a far more competitive productive platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I run out time, however I anticipate dealing with you in the future so that we can draft legislation to assist strengthen the presence of America there, and I believe everybody wins in that situation. And I yield back, Mr. Chairman. Mr. Duncan. Thank you. We are then joined by Ambassador Bernal. Thanks for coming. I am sorry about the DC traffic and most likely intensified by the DC heat. However we are going to go on and acknowledge you for 5 minutes for an opening declaration. STATEMENT OF HIS EXCELLENCY RICHARD BERNAL, PRO-VICE CHANCELLOR FOR GLOBAL AFFAIRS, UNIVERSITY OF THE WEST INDIES IN JAMAICA Mr.
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Thank you, Mr. Chairman, my apologies for being late. I left my house at 3 o'clock a. m. this morning. I was working out until the Falun Gong had a demonstration on Constitution Avenue. I will extremely briefly summarize my verbal declaration which is that I believe this is an essential time for the U.S. to re- analyze its policy towards the Caribbean and to take a brand-new vibrant effort in the Caribbean; because, the Caribbean has actually been having a very challenging time given that the global economic crisis; a mix of long term structural institutional elements as well as some brief term cyclical elements, such as oil rates.
and for Jamaica due to the fact that the U.S. is the primary and largest trading partner and primary source of financial investment and tourists. It is in the interest of the U.S. to have a flourishing, peaceful, and democratic Caribbean. Because regard I focus on the economic concerns, because I think the economic issues impinge on all the other concerns which are essential such as governance, democracy, anti-narcotics campaigns. I have actually determined six issues which I believe require to be attended to. The very first legal advice timeshare maintenance fees problem which I think requirements to be resolved is the debt circumstance. The Caribbean nations have ended up being some of the most extremely indebted nations in the world.