Govt must embrace oil industry changes to earn forex


With the future of oil in chemicals, not fuels, and gasoline consumption expected to wane, crude-to-chemicals complexes could dominate the petrochemical industry by the 2020s, and another decade will probably be needed to have a smooth transaction.

New plants will have to be built to accommodate this transition. Oil has limited potential as a future commodity. Prices are likely to stay soft for a considerable period. Our Government has to find means of earning forex to support the local economy, but hasn’t to date offered a plan to the population.

It’s going to take at least ten years before alternative energy starts replacing oil and fuels from oil.

Ships, trucks and planes will continue to use diesel and jet fuel for many years, as battery technology more than likely can’t replace fuel for these modes of transport.

The National Gas Company of Trinidad and Tobago Ltd (NGC) is basically a broker for gas and therefore shouldn’t have financial issues unless the Government uses it to prop up the economy, or pay off debts.

Gordon Laughlin