King:
T&T still in state of crisis
By Aretha Welch
Trinidad Express
Port Spain
Petroleumworldtt.com
08 26 07
Trinidad
and Tobago is in a state of crisis despite a
budget report that paints a picture of security
for the future, said Independent Senator Mary King.
Speaking
at a post-budget panel discussion hosted by the
Trinidad and Tobago Manufacturers' Association
(TTMA), King said, "The oil that was easy
to find and produce is all but finished and with
the world looking to alternative sources for energy,
such as nuclear energy, it is safe to say Trinidad
has reached its peak in how much money can be made
from oil and it is time to act."
King said though we could maintain the economy
if oil and gas were to stay at the same price it
is now, all reliable sources say oil prices will
drop.
She also said it is common knowledge that the
developed world controls the demand for energy
and is constantly looking for cheaper sources than
the ones in present use.
King
believes if the country which is yet diversify
its economy successfully does not want to be "floundering" for
international economic aid in 20 years, it needs
to rework its oil and gas economy by developing
our onshore industries right now.
Supporting
King's arguments was investment executive Subhas
Ramkhelawan who said though the budget figures
show growth in the non-energy sector, "much
more needs to be done if we are to ensure diversification
takes place at a successful rate."
Economist Ronald Ramkissoon said the country has
been talking about diversification for over 25
years and the task which lies ahead is making the
local market more open so significant diversification
can become a reality as soon as possible.
Adding
to this was former Independent Senator and founder
of the Coalition Against Domestic Violence
Against Women, Diana Mahabir-Wyatt, who said even
with all the focus put on fiscal policy during
the budget, "the implications for future stability,
20 years down the road are still enormous."
Ramkhelawan added that the Heritage and Stabilisation
Fund as it is now does not at all guarantee stability
should the country face economic downfall.
He said the funds saved only account for 25 per
cent of one year's average public expenditure and
will not go a long way in keeping the country afloat
in bad times.
- awelch@trinidadexpress.com
Trinidad
Express
Thursday, August 23rd 2007
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