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Trinidad and Tobago oil prices plummet

Regional 24 Apr, 2020 Follow News

Trinidad oil prices at rock bottom

Trinidad and Tobago Prime Minister Dr Keith Rowley is worried by the dramatic drop in the price of its oil exports after he learnt of the sharp drop in US oil prices while at the first meeting of Trinidad and Tobago’s Road Map to Recovery team on Wednesday.

He said: “There’s been no time like this and even in a bad dream we couldn’t anticipate this. I knew when I came in here the price of oil was $5 a barrel. It has just gone to one dollar. Ladies and gentlemen, one dollar a barrel per oil did not exist in my adult life.”

The Prime Minister pointed out that according to the World Bank’s Semi-Annual Report on the Latin America and Caribbean Region, Trinidad and Tobago was more prepared for the crisis than most of its Caribbean counterparts. He, however, stressed that proper planning for life after Covid-19 needed to be thoroughly considered.

He admitted that future goals would include increasing government efficiency by reducing bureaucracy and poor money management.


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