Tobago, the University of the West Soaring Price of Oil in 2008 Is a Double- Indies at St Augustine
2008/9 i ii From the editor “Things look different depending on “extraordinarily high energy costs and where you sit or stand.” That was a recessionary trends in the world’s largest favourite saying of the late Dr Herb economy, the Unites States of America, Addo, who was a lecturer which could affect industrial output in at the Institute of countries around the world.” International Relations, For Trinidad and Tobago, the University of the West soaring price of oil in 2008 is a double- Indies at St Augustine. edged sword, he said, driving up prices In Trinidad and for goods and services, while increasing Tobago, the adage seems national revenue. In June, inflation apt. Some see Trinidad crossed from single to double digits for and Tobago simply as the first time in 2008, as the price of a booming, prosperous food and other crucial products kept country, the tiger of the increasing. Caribbean. For others, Internally, the issue of crime is caution is the name of still a primary concern, especially for the game; they question the business community. Ian Collier, the sustainability of president of the Trinidad and Tobago the current economic Chamber of Commerce, warned situation, given the in June that business leaders were volatile prices of oil migrating because of crime, despite the and gas and the the government’s determination to promote Ryder Scott audit the country as an international financial which puts proven gas centre. reserves at only 13 years It is against this backdrop that the at the present rate of 2008/9 issue of the Trinidad and Tobago extraction.
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