Prime Minister Dr. Keith Rowley of Trinidad and Tobago has warned of the possibility of the twin island republic facing an extended period of low oil and gas prices acknowledging that the oil-rich country was at a “critical juncture of its existence”.
Addressing the opening of the Energy Conference and Tradeshow on Monday, Rowley, who has already warned that the country needs to put its economic house in order or face the possibility of seeking assistance from the International Monetary Fund (IMF) said whether the present situation becomes a crisis depended on how the country approaches survival and management of its affairs.
“The word crisis conjures certain emotions and can trigger interesting debate given the number of uses for this word,” Rowley said, noting that June 2014 marked the end of four years of high and reasonably stable oil prices.
Rowley said to any keen observer of the energy industry therefore, cycles of price increases and falls represent the hallmark of the oil business.
He said Trinidad and Tobago is once more at the crossroads as it considers consider the actions required to preserve its energy interests going forward.
“We are concerned about supply and demand issues, since our energy security and economic security is at stake. We are a small state, heavily dependent on energy and until the economy is diversified our dependence remains.
