The Bishop Speaking during the Friday, June 17, 2022, edition of ‘The Big Story’ with host Cathy O. Richards said the situation is now a concern for the two groups, especially businesses, since although the cost of operation has increased, revenues have not.
“It’s a big concern, so not only is the weather hot, but your bill is seeing a tremendous increase because of this what they call surcharge… to I guess buff it against the current market price of oil,” he said.
Bishop Cline added, “and I haven’t heard anything necessarily from the Government or from the BVIEC as to what they believe they can do to help business owners and residents to help to stem this rising cost of electricity.”
He noted in this case, that leadership matters despite current VI leaders having their hands full with other pressing issues.
Mr Cline, however, said the silence of residents and businesses alike have resulted in nothing being done to remedy the situation.
Meanwhile, global Oil prices already on the increase as a result of increased economic activity post-COVID-19 pandemic were pushed even higher when Russia’s invasion of Ukraine pulled some three million barrels of Russian oil a day from global supplies.
“Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” US President Biden said in a recent address.
Bishop Cline called on local authorities to do something to bring some relief, to small economies like the VI, “There must be something that must be done, and the Minister of Energy or whoever has to be able to look at this and say it is time for us to intervene.”
He said that intervention must also benefit both residents and businesses in the VI alike to bring relief to the rising energy costs through initiatives like a subsidy.