September 1, 2005
Trinidad & Tobago is the Caribbean's largest producer oil and natural gas.
Oil prices are up about 40% this past year and show signs of rising further, a phenomenon that is confounding Caribbean governments from the Bahamas to Grenada. But high oil prices bring good tidings to Trinidad & Tobago. The energy sector accounts for the bulk of Trinidad & Tobago's annual exports of $7.1 billion and generates one-third of annual government revenues of $20 billion.
Unfortunately, oil reserves are being depleted faster than new discoveries can be made. The US Energy Information Administration (EIA) warns that unless Trinidad & T
Soaring oil and gas prices are pounding Caribbean economies. But Trinidad & Tobago, the region's largest producer of gas and oil, is flying high.