T&T needs to shift oil focus
PORT OF SPAIN – Trinidad and Tobago needs to get serious with respect to diversifying away from oil and gas as the United States is intent on becoming energy independent, says political analyst Indera Sagewan-Alli.
Sagewan-Alli, and UWI history lecturer Armando Garcia were guests on a TV6 panel discussion last night on the US election race. Sagewan-Alli was speaking before the election results was declared.
Sagewan-Alli pointed out that both Obama and Romney, during their election campaigning, spoke about alternative energy and energy independence.
“The US is our largest buyer of oil and gas, as a result it becomes a real issue… Obama is touting alternative energy in terms of wind, solar and biofuel and Mitt Romney is talking energy independence,” she said.
“It means they are going to try to become independent from the Arab world where they import a lot of oil from, Venezuela and we know Chavez and the United States are no big friends.
She said the US would seek to become independent from all other countries which they import from, including Trinidad and Tobago, which “means our economy could be in some problems as soon as they put those policies in effect”.
Sagewan-Alli said that while this would be a good move for the US in terms of reducing that country’s energy bill, “it would not be good for Trinidad and Tobago to lose our largest buyer of oil”.
She noted further that she has been hearing of diversification “before I was born” and stressed that this was a depleting asset. (Express)