This is a reality! Our revenue stream is under threat! The Government and the citizens of Trinidad and Tobago must take notice of what is taking place internationally and just next door to our neighbor Venezuela! Venezuela is in recession mode and Russia is in approaching same. The price of oil and gas is on the decline as a result of several factors. Oil giant Saudi Arabias Minister has stated that they are not going to cut supply and it is costing them USD 4-5 to produce a barrel of crude oil. He also stated that if the price of oil reaches USD 20.00 they can survive. Countries such as Ghana, Nigeria and other African countries burrowed monies for the development of their oil and gas sectors, its costing these countries at least more than the present price to produce. The Government of Trinidad and Tobago must bite the bullet now and to revisit the national budget and to pegged it to at least USD 20.00/barrel of oil and USD 1.75/MMBTU for gas. An analysis must be done to all government spending and to take stringent measures to determine areas than NEEDs to be cut. This is an election year and political parties wishing to be in government must tell the citizenry how they are going to manage the country. The PM indicated that we should not be in panic mode, however, we must know what are the solutions. Weve started with a deficit budget of $6B and that need to be managed. State oil company Petrotrin is in a $13B debt, complaint by the companies at Point Lisas that they are not getting an adequate supply of gas to operate their businesses, so downstream could maybe in jeopardy. As citizens we need to be alert on what is occurring within our surroundings and take proactive measures to prevent any such potential recession.
Posted on: Fri, 02 Jan 2015 10:18:05 +0000
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