Therefore who will fill that space? Who would best be to fill that? And what I want you to think about, I am being a bit jaded here. I believe I would like to see an American company can be found in there and fill that space. How would you see that occurring and what would you recommend? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well positioned to fill deep space on the occasion that Venezuela is no longer able to offer through the Petrocaribe program. I think the surplus natural gas, I think the development of clean and renewable resource, the region is really at a crossroads in terms of transitioning to clean and renewable resource whether its solar or wind.
One of the problems, for example, is OPEC has a large quantity of financial investment in the Caribbean in the energy area. However there are two problems. The size of the marketplaces in the smaller sized countries of the Caribbean don't necessarily allow them to get OPEC financing or truly have the ability to create a great bundle for OPEC funding, and the second point is absence of expediency studies (How to find the finance charge). What can i do with a degree in finance. OPEC does not make grants and it doesn't do feasibility research studies therefore there is a great deal of legwork that requires to be done in order bring some of this brand-new innovation into the space.
Yoho. Exists any private partnerships, private-public collaborations or NGOs that you would advise that would be best matched, you know, with the oil companies and, you understand, one of our think tanks up here? Ms. Yearwood. I would advise Eric. No. Mr. Yoho. You need to like that. Is that a segue you want to-- Ms. Yearwood. No, I believe there are a great deal of entities in the U.S. that are working on energy in the Caribbean. Mr. Yoho. Okay. And I guess my concern is we can't fret about what happened in the past over the last 20 or 30 years.
And I understand our feelings are we do not wish to tell you how to live, we just want to be good trading partners with you, however help become strong trading partners where we establish an economic base in your nations. And with the impact of China, all my life China was sort of an adolescent, however in the last, say ten years, I have actually seen them turn into puberty and they have a lot of money and they are starting to feel the impacts of their testosterone. And we have seen that in the South China Sea, however we have actually seen the investments they have actually done in the Caribbean, you know, 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 think there are better partners that we can have and I think that would originate from the excellent ol' U.S. of A. Therefore policies that you would help direct us, you understand, whether it is ag, energy, just product trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a fast footnote on the China concern, first, if I can. You understand, China's engagement in You can find out more the Caribbean-- and Ambassador Bernal is the real expert on this. I don't wish to step on your toes. However it is different in the Caribbean than it remains in South America, for example, where it is far more industrial, it is much more commodities based.
You still have the political competitors with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we need to bear in mind that part of the aspect too. In terms of the energy relationship, among the important things we are learning from the reforms in Mexico is it is not just 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 bid round and all that. But what it is even more impactful in Mexico is the power grid, the electrical power, and when that gets released up the cost of electricity boils down which is actually helpful for the customer.
And so if you can bring that cost down to the customer, to start with, you have more disposable income to invest in other things, but likewise it ends up being a far more competitive commercial platform to begin to produce therefore that begins to bring investment, which right now is more restricted due to the fact that once again on the size of the economy. So if there is one aspect that could truly be focused on, you know, it is not let's continue to import unclean diesel fuel and some of the really dirty contaminants that Venezuela is providing - Which of the following was eliminated as a result of 2002 campaign finance reforms?. Let's help transform the Caribbean to a clean energy power grid that can be used far more effectively that where the expense of electrical energy wesley financial group timeshare reviews can come down and make the entire area a far more competitive efficient platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I run out time, however I anticipate working with you in the future so that we can draft https://app.gumroad.com/rezrymgdbz/p/the-ultimate-guide-to-how-long-can-you-finance-a-travel-trailer legislation to help reinforce the presence of America there, and I believe everybody wins in that scenario. 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 probably intensified by the DC heat. But we are going to go on and acknowledge you for 5 minutes for an opening declaration. DECLARATION 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 home at 3 o'clock a. m. this morning. I was working out until the Falun Gong had a demonstration on Constitution Avenue. I will very briefly summarize my verbal statement which is that I believe this is an important time for the U.S. to re- analyze its policy towards the Caribbean and to take a brand-new vibrant initiative in the Caribbean; because, the Caribbean has actually been having an extremely difficult time since the global recession; a combination of long term structural institutional aspects in addition to some short-term cyclical aspects, such as oil costs.
and for Jamaica since the U.S. is the primary and largest trading partner and main source of investment and tourists. It is in the interest of the U.S. to have a prosperous, tranquil, and democratic Caribbean. Because regard I focus on the economic concerns, due to the fact that I believe the economic issues impinge on all the other concerns which are crucial such as governance, democracy, anti-narcotics projects. I have recognized six concerns which I think require to be addressed. The very first concern which I think needs to be attended to is the financial obligation situation. The Caribbean countries have ended up being some of the most extremely indebted nations in the world.