ENERGY AND ENERGY-RELATED INDUSTRIES By Atiba Phillips
In the Caribbean, Trinidad and Tobago is most reliant on energy for national revenue – currently accounting for around 32% of the country’s gross domestic product (GDP) – as opposed to tourism, which is the mainstay of most other Caribbean island economies.
T&T’S ENERGY CHALLENGES The country has seen its fair share of challenges in recent times based on its significant reliance on energy sector revenues. Not only from the precipitous fall in commodity global prices –
prices fell from almost US$120/barrel in January 2013 to below US$30/barrel by the end of 2015 – but also due to falling domestic production levels.
CRUDE OIL PRICE 77.57 USD/BBL 31 MAY 2018 140
CRUDE OIL PRICE (USD/BBL)
130 120 110 100 90 80 70 60 50 40 30 20 10
JAN 4 2013
52
FEB 28 2014
APR 24 2015
JUN 17 2016
AUG 11 2017
