Whether is PNM or UNC, is pressure for the small man. We all know about the poor state of the economy.When I was offshore and told, "AVR, the platform shut down," my response was, "I know, but what are you doing to restart it?"
We have walked this road already but we never diversified the economy. A box of chicken and chips and a stout on a Friday was good enough. In UNC's time we ate rice and fry aloo. In PNM's time we ate rice and fry potato. Nothing really changes.
Some people get a certain amount of satisfaction when the people in power resemble them regardless of the accompanying hardships. T&T is the host, the parasite varies from PNM to UNC.
We are experiencing the lowest oil production in 65 years. Oil prices are plunging. A budget is an estimate of income and spending for a set period of time.
Budget day is tomorrow. Firstly do not overcrowd the gas stations and supermarkets. Whatever you buy will finish and you will still have to face the music, be it chutney or calypso.
The Central Bank said the T&T economy contracted by 5.2 per cent in the first quarter of 2016, compared with the same quarter in 2015, as a result of a 9.1 per cent decline in the energy sector and a 2.8 per cent decline in the non-energy sector.
The global oil glut that has hammered prices and the budgets of many producer nations will persist into 2017 as demand growth slows more than expected.We are assuming oil prices do not fall further. When we assume you know what you do.
Some subsides are food card-$288m, WASA-$2.25Bn, Cepep-$609.2m, Petrotrin-$2m.Instead of giving a man a fish for a day, we need to teach him to fish or go vegetarian. Petrotrin must move from political to productive.
BPTT has told the government its $5B USD investment in T&T could be under threat if it does not provide clarity on where future natural gas supplies will go and the prices they will attract.
Shale will keep gas prices low. We are moving toward a low carbon world. CNG, hybrids and electric cars are the way to go. Freeness and corruption must end.
Is the good life over? With respect to the low oil price, if we ask, "Why we, God?" God has absolutely nothing to do with it. In fact, God is never in T&T this time of year.
Property, alcohol and gaming taxes are on the horizon. The oil price per barrel is projected to settle in the range $53 to $60USD by 2020 when supply and demand are expected to be in balance according to the World Bank.
I suggest we base the budget on an oil price of $35USD a barrel and a natural gas price of $2USD per mmbtu. It is better to err on the side of caution.Things are grim. This is a case of water and no flour. Recessions are harmful to health.
What is that, Mr Minister? We need to tightened our belts.
Agreed. Please send the belts.
AV Rampersad,
Princes Town