Still basking in the glow of his September 2015 election victory, our new Prime Minister, Dr Keith Rowley, gave his first address to the nation on December 30 of that year. It is worth recalling, as we enter the year 2018, some of what he had to say on that occasion. At the very beginning of his address he made it clear that he was going to speak about “the state of the economy in light of the continuing fall in oil and gas prices and the consequences for the people of Trinidad and Tobago.”
In talking about the state of the economy he zeroed in from the start on what is still, for this country, the most critical economic determinant. He reminded us that, “in June 2014, (18 months ago) the price of West Texas Intermediate (WTI), our benchmark crude oil, was US$106 per barrel.