In the words of the prime minister of Barbados, Freundel Stuart, the annual bill for the importation of fuel in his small Caribbean island of 250,000 people is “wholly untenable”. In 2010, the national oil import bill for Barbados was US$393 million. That figure is indicative of the annual oil bill that damages the viability of every Caribbean Community (Caricom) country except Trinidad and Tobago, which is a substantial oil and gas producer.
Prime Minister Stuart has declared that “if not corrected”, the oil import bill would become “wholly unaffordable” in his country. The same is true for all other Caricom countries except Trinidad and Tobago and now, to a certain extent, Suriname. The cost of energy is adversely affecting both the manufacturing and service industries and contributing to making the exports of Caribbean companies uncompetitive in the world market.
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STUART
In the words of the prime minister of Barbados, Freundel Stuart, the annual bill for the importation of fuel in his small Caribbean island of 250,000 people is “wholly untenable”. In 2010, the national oil import bill for Barbados was US$393 million. That figure is indicative of the annual oil bill that damages the viability of every Caribbean Community (Caricom) country except Trinidad and Tobago, which is a substantial oil and gas producer. Prime Minister Stuart has declared that “if not corrected”, the oil import bill would become “wholly unaffordable” in his country. The same is true for all other Caricom countries except Trinidad and Tobago and now, to a certain extent, Suriname. The cost of energy is adversely affecting both the manufacturing and service industries and contributing to making the exports of Caribbean companies uncompetitive in the world market.
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