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- W2467778024 abstract "Today the oil industry is the sine qua non of the economy of Trinidad despite the fact that the local production of crude oil stands at only 186,000 barrels a day and annual production some 67 million barrels (1968 figures). This represents a mere 0.4% of world production. Yet, this is not so important except that such a small producer can never have any say when the question of prices arises. Trinidad was a British colony from the year 1797 to 1962. During all those years, what really mattered to the British Government, of course, was not what the island could produce in a world context, but how important the island was, actual and potential, in a British Empire context. In 1938, for example, Trinidad was producing some 38% of the British Empire oil.1 In 1930 the percentage was even higher, over 40%. Since the end of the second decade of the present century oil has come to play an ever increasing role in the economy of Trinidad especially with the plight of the agricultural alternatives, sugar and cocoa. Sugar began falling in importance in the late 18th century as a result of world over-production and the rise of the European sugar beet industry, among other things. Trinidad suffered as did all the other West Indian islands. The other crop, cocoa had a meteoric rise and equally sudden fall within the years 1879 and 1928. Happily, for Trinidad, over the last fifty years, the oil industry has come to fill a tremendous economic gap. Today the petroleum sector accounts for some 27% of the country's Gross Domestic Product, 30% of the Revenue of the Central Government, 83% of gross exports (c.60% of net imports), 51% of imports and less than 5% of the labour force in the country. In the quest for oil in Trinidad over the last one hundred and more years, more than 170 companies have been formed for the purpose of exploiting Trinidad's black gold. The result is that in South Trinidad's petroliferous areas no fewer than about 9600 wells have been drilled in an area just about 1,000 square miles. This is indeed one of the most 'drilled-up' areas in the petroleum world." @default.
- W2467778024 created "2016-07-22" @default.
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- W2467778024 date "2016-01-01" @default.
- W2467778024 modified "2023-09-27" @default.
- W2467778024 title "THE OIL INDUSTRY IN THE ECONOMY OF TRINIDAD" @default.
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