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gas reserves of Trinidad and Tobago and concluded that some 12 years of known reserves were left. However, in February 2008, the vice president of the National Gas Company (NGC) stated adamantly that there were an estimated 50 years of re- serves left to be exploited. In either scenario, be it either 12 years or 50 years, the price of oil and the vulnerability of this price stability was the major element that was consistently omitted in each argument. In mid-August 2007, oil prices were in the vicinity of USD $70 per barrel, and less than one year later, in July 2008, crude oil soared to USD $144 per barrel. By November, 2008, oil prices dropped to less than USD $52 per barrel of crude oil. The drastic variations in oil prices have highlighted that supply is not the only issue. This is not, however, to suggest reluctance to invest in the energy sector. The in- vestments by the Government continue in the conventional areas of oil, petroleum, natural gas, methanol and ammonia. To buttress this, in 2008, the Minister of energy, Conrad Enill, announced in December that energy projects approved by the govern- ment before the onset of the global credit crisis will proceed as planned. The state- owned National Energy Corporation (NEC) plans to proceed with construction of its US $ 150 m Point Lisas SE industrial estate and port in 2009, as well as its US $ 80 m port in Galeota, in south-east Trinidad. Other projects which are scheduled to move ahead in 2009 include the US $800m Alutrint (Trinidad) smelter, the Methanol Hold- ings (Trinidad) ammonia-urea-melamine project (under construction since 2006), the US $2.2 billion Essar (India) steel complex and the US $240 m CariSal (Trinidad) caustic soda and calcium chloride plant (Economist Intelligence Unit 2009:20). In this vein, the government of Trinidad and Tobago has embarked upon a com- prehensive and extensive sustainable development program in a comprehensive document titled “Vision 2020”. However, as comprehensive as this document is, there is an essential area that is not sufficiently addressed: renewable and alter- native energy. A simple illustration of this is that the term “alternative energy” is mentioned twice in the energy section of the document, while “renewable energy” is mentioned three times. Additionally, the word “solar” is mentioned once, while the term “hydrocarbon” is referenced 37 times. This is evidence that diversification of the energy sector into hydropower, solar or geothermal infrastructure to improve energy security, away from oil, petroleum and natural gas, is not currently a major or overwhelming concern. The economy of the country continues to pivot unstably on the volatile petroleum and natural gas-based energy sector, where prices are not controlled or determined by domestic production levels. The purpose of the policy framework paper is to evolve the oil and energy-based economy to a knowledge- based economy. This necessitates the demand to preserve the energy sector while expanding and not solely evolving. Economic evolution is resolutely required in T&T, however it is certain that this must no longer result in the demise of our economic lifelines- petroleum and natural gas. In Trinidad and Tobago the petroleum sector is vital to the country’s GDP, foreign exchange earnings and Government revenues. In this vein, it is necessary to under- stand the implications this sector has on sustainable development in the country. ENERGY SECURITY OF THE CARIBBEAN 123PDF Image | Confronting the Energy Security Dilemma of the Caribbean
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