Trinidad: Gas is not renewable

…Prime Minister Manning is either the eternal optimist or has completely misread the global economy. This is not a traditional boom-bust cycle, his economic “blip”. On its recovery the global economy, with respect to petroleum demand, will change. The world recognises that it is at, or, near to peak oil and gas production for economic, political and geological reasons.

The producers will be unable to meet traditional demands for cheap oil/gas that would have kept the global economies expanding according to the old paradigm. Hence economic recovery will be slow and countries will be looking at new energy mixes (nuclear, low carbon alternative/renewable energy), energy efficiency etc.

President Obama of the US, our largest market for petroleum and its products, intends to make the US self-sufficient in energy. Recall the absence of any real discussion on a regional energy supply policy at the last excuse for a summit-the reason why President Evo Morales of Bolivia refused to sign any declaration.

We in T&T are past peak oil production and our proven gas reserves are 17 tcf, which can last us for some 12-15 years. It is not good enough to have faith that God will provide and we will find more gas, even if the PM has leanings towards being a pastor.

Trinidad Express