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St Croix, United States Virgin Islands

MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Press release, Warren Mosler

Posted by WARREN MOSLER on January 21st, 2012

For immediate release:

Warren Mosler, candidate, Delegate to Congress, USVI

Christiansted, St. Croix-  Warren Mosler has released part I of his 3 part Action Plan for the USVI.  ”With closing of Hovensa, we face the catastrophic loss of thousands of jobs, a drop in population of perhaps 3,000 people, loss of an estimated $100 million of annual revenue for our government, untold private sector business closings, a substantial drop of enrollment in our schools, and many other negative social and economic consequences” said Mosler. ‘I have organized a three part Action Plan that I will be releasing–one part at a time as they are completed.  If we act now, we can mitigate some of the potential negative consequences and begin building a prosperous future for our Virgin Islands.”

Action Plan, USVI

Part I:  Hovensa Response
1.  I propose that we inform Hovensa that if they close the USVI will not permit anyone to reopen the refinery.  This will cause Hovensa to reconsider their decision to close the refinery.  However, and more important, if they do close, the possibility of the refinery reopening will impede the effort to bring new businesses to St. Croix.  That’s because there are many businesses that would not want to be located on a small island like St. Croix with the possibility that the refinery might resume operations.  Refineries make an island like St. Croix less valuable.  I’m sure, for example, no one would think a refinery opening on St. Thomas or St. John would add value to those islands.
2.  I propose that we require that the cleanup begin immediately, even with the oil storage facility in operation.  It is important for the territory’s recovery that the unused portion of the facility be brought back to its original condition as specified in the contract with the USVI government as soon as possible.
3.  I propose that we require that current employees of the refinery and residents of the USVI be given priority for the cleanup jobs.  This will provide a multiyear transition period for the qualifying Hovensa employees and the USVI.
4.  I propose that we determine whether there is any residual equipment at Hovensa that might be useful to the USVI and arrange for its purchase.  The prices should be very attractive.

Part II and Part III will be released over the next several days.

Contact:  Reginald Perry, 340 692 7710

11 Responses to “Press release, Warren Mosler”

  1. bob Says:

    I had no idea this was happening. Good luck with the effort.

    I saw recently that fuel was the top export of the US for 2011. How will this affect prices of fuel in the US?

    Any thought on why Heating oil and Diesel (I realize they are very similar, same with JP), are climbing much higher than even Gasoline? I have been questioning this for over a year now.

    Reply

    WARREN MOSLER Reply:

    Might relax cracks a tad but excess capacity remains.
    Not sure why component prices are what they are apart from supply and demand
    And diesel has about 30% more energy than gasoline

    Reply

  2. Monica Smith Says:

    @Alex The Great, One of the basis principles of the grand American experiment is that people get to move and live where they want. That this principle has been violated by the restriction of immigrants during the last half century doesn’t negate its value.

    Reply

  3. Matt Franko Says:

    @Alex The Great, Alex, the last I checked the USVI was in the US… ???????! And these look like potential lost “American” jobs that Warren is concerned about.

    I dont see your point. Do you not know that St. Croix is within the US and it’s territories?

    http://en.wikipedia.org/wiki/Territories_of_the_United_States

    Resp,

    Reply

    WARREN MOSLER Reply:

    Right, all US citizens, us passports, us dollars, federal law applies, rep in congress, etc.

    Reply

  4. Talvez... Says:

    This is something very good about the Anglo-American political system. But may I ask a question: now what? Do you distribute that to the people as pamphlets?

    Reply

    WARREN MOSLER Reply:

    Word travels fast here

    Reply

  5. Unforgiven Says:

    @Warren -

    …. if they do close the possibility of the refinery reopening

    (comma after “close”?)

    It is important for the territories territory’s….

    (you know)

    Reply

    WARREN MOSLER Reply:

    Had sent changes to michael but he’d left for the weekend thanks. Hopefully that and one more fixed today

    Reply

  6. nystockguru Says:

    After speaking with my brother who is getting his PHD in Chemical Engineering about the St Croix facilty (beautiful island by the way; we hiked that hill once and saw the refinery) it dawned on me the WTO offers letters of credit for situations like this. Check out my latest blog entry on the WTO on Nystockguru.com

    Another option is a Frat brother of mine Anthony Flynn from Rollins family owns the refining operations in Trinidad perhaps he is a potential buyer.

    By the way, the firm I work for bought an apartment off your Chief Engineer at Mosler Todd; Nice guy; Tell Sada Andy says Hi.

    Reply

    WARREN MOSLER Reply:

    thanks, and will do!

    Reply

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