By Gemma Q. Casas
Variety News Staff

THE U.S. Department of Energy is funding a pilot research project that will be conducted here to explore the possibility of producing energy through deep ocean water technology, according to the Micronesian Chief Executives Summit’s renewable energy committee.
“The research data will be available by 2008, followed by pilot projects in Saipan and the region. (Deep ocean water) technology is successful in Hawaii, Bora Bora and the mainland and the developers assured the chief executives that there is hope for further reductions in oil dependency,” stated the joint communiqué of CNMI Gov. Benigno R. Fitial, Guam Gov. Felix P. Camacho, Yap Gov. Sebastian L. Anefal and Palau President Tommy E. Remengesau Jr.
The demand for fossil fuel in the Pacific region is projected to increase by 25 percent in less than a decade’s time, and the Micronesian leaders are exploring the possibility of bulk fossil fuel purchases or share procurement to lower their costs.
“Oil representatives (stated) that 75 percent of the existing costs are based on uncontrollable global events, with another 15 percent derived from taxes,” the communiqué said.
“It was suggested that the environmental movement from heavy to diesel fuel also increases these costs, and regional decisions to specify fuel grades might be achieved in consultation with oil companies to further reduce the prices. Hedging the market or locking in future fuel prices/purchases was also suggested. The chief executives strongly agreed that the regional suppliers should offer government discounts and invest profits in the region,” the communiqué added.