Caribbean

Falling Oil Prices:

We Must Rise As A Nation to Face this Challenge

CHARLIEVILLE Trinidad, - In just about 5 months, oil prices have fallen by about 25%, dipping below $70US per barrel in the last week or so. The prospects are that prices will fall further before any stabilization occurs. This outlook applies to natural gas prices as well.

"The decline in oil prices is a result of several factors in the international economy, including high production levels in the US and Russia and poor economic in China, Brazil and Europe which has negatively affected demand for oil. These are factors over which Trinidad and Tobago has no control." said COP Political Leader, Hon. Prakash Ramadhar commenting on the situation.

"The fact is that while we are still heavily dependent on oil and gas revenues, we do not exercise the kind of influence to determine or affect oil and gas prices. Decline in these prices puts a strain on our economy and as the Minister of Finance indicated to Parliament will affect our fiscal situation. Given the projections in the short term, there is need to take prudent measures to ensure that we minimize the effects." Ramadhar added.

"Government Ministries have been asked to curb expenditures so that the effect of the falling prices will not heavily move our deficit in an unmanageable direction. There are two positive factors based on Government's management of the economy in the last 4 years. Our monetary reserves are high and the move to diversifying our economy though with a long-term horizon continues to make progress." he said.

"We must view this development as posing a challenge for our entire nation and we must rise to meet this challenge to ensure that our economy remains stable and the benefits to the population are assured. While Government has taken the initiative to manage its expenditures, all players in the economy must ensure that we maximize the outputs of the various sectors including agriculture, manufacturing, services and the creative industry." the COP Leader pointed out.

"This is not a job for government alone or for any one segment of our society. It is a situation that demands a response from all of us, as a nation. Ensuring value for money spent, efficiency and high levels of productivity in our productive and other economic activity and making savings in cost and time wherever we can will all contribute to our weathering this situation."

"Despite the challenges posed by the CLICO and other situations, we have shown that our economy is robust and we are a resilient people in overcoming such difficulties. I know that together we will also successfully deal with the challenges posed by this temporary situation posed by the oil price fluctuations."Ramadhar concluded

We Must Rise As A Nation to Face this Challenge

CHARLIEVILLE Trinidad, – In just about 5 months, oil prices have fallen by about 25%, dipping below $70US per barrel in the last week or so. The prospects are that prices will fall further before any stabilization occurs. This outlook applies to natural gas prices as well.

“The decline in oil prices is a result of several factors in the international economy, including high production levels in the US and Russia and poor economic in China, Brazil and Europe which has negatively affected demand for oil. These are factors over which Trinidad and Tobago has no control.” said COP Political Leader, Hon. Prakash Ramadhar commenting on the situation.

“The fact is that while we are still heavily dependent on oil and gas revenues, we do not exercise the kind of influence to determine or affect oil and gas prices. Decline in these prices puts a strain on our economy and as the Minister of Finance indicated to Parliament will affect our fiscal situation. Given the projections in the short term, there is need to take prudent measures to ensure that we minimize the effects.” Ramadhar added.

“Government Ministries have been asked to curb expenditures so that the effect of the falling prices will not heavily move our deficit in an unmanageable direction. There are two positive factors based on Government’s management of the economy in the last 4 years. Our monetary reserves are high and the move to diversifying our economy though with a long-term horizon continues to make progress.” he said.

“We must view this development as posing a challenge for our entire nation and we must rise to meet this challenge to ensure that our economy remains stable and the benefits to the population are assured. While Government has taken the initiative to manage its expenditures, all players in the economy must ensure that we maximize the outputs of the various sectors including agriculture, manufacturing, services and the creative industry.” the COP Leader pointed out.

“This is not a job for government alone or for any one segment of our society. It is a situation that demands a response from all of us, as a nation. Ensuring value for money spent, efficiency and high levels of productivity in our productive and other economic activity and making savings in cost and time wherever we can will all contribute to our weathering this situation.”

“Despite the challenges posed by the CLICO and other situations, we have shown that our economy is robust and we are a resilient people in overcoming such difficulties. I know that together we will also successfully deal with the challenges posed by this temporary situation posed by the oil price fluctuations.”Ramadhar concluded

See original:

Falling Oil Prices:

Tags

More…

health news headlines provided courtesy of Medical News Today.
View More Job Search Results