Is Trinidad Too Dependent on Oil?

The economy in Trinidad and Tobago is expected to climb by 1.5 percent in 2012 as its oil production improves, after “a drastic fall off” in energy productions that resulted in a 1.4 percent dip in 2011.  Talk about a see-saw.

Up Down, Up Down

Question – what would have happened had oil not recovered? When you match the see-saw with the Central Bank’s revelation that energy is the largest source of revenue for Trinidad & Tobago one cannot help but wonder why the government is not investing more in diversifying the economy.

It would appear that there was nothing else to take the place of energy during its fall off. This fact is, no doubt, the reason behind Energy Minister Kevin Ramnarine’s announcements that “15 exploration wells will be drilled in the country in 2012” and also of “a road show…to Houston to meet representatives of 200 oil and gas companies that have expressed “interest in investing or in partnering with Trinidad and Tobago.””

Is Trinidad and Tobago too dependent on oil?