Prospects for the Oil-importing Countries of the Caribbean
AbstractAs a region the Caribbean countries are net exporters of hydrocarbons. However, all exports of natural gas and crude oil are concentrated in one country, Trinidad and Tobago. The rest of the region taken as a whole is net importer of hydrocarbons. The largest countries in the region are heavily dependent on imported crude oil and products as their main source of primary energy. The trend has intensified over recent years. Net-importing countries in the region have more than doubled their annual per capita consumption of oil over the last two decades. Trinidad and Tobago could supply the region’s hydrocarbon needs. However, very little effort has been made by the importing countries to substitute gas from Trinidad and Tobago for oil from other extra regional sources. There are a number of initiatives under way to reduce the region’s dependence on imported hydrocarbons: Eastern Caribbean Gas Pipeline (ECGP); Eastern Caribbean Geothermal Energy Project (Geo-Caraïbes); Caribbean Renewable Energy Development Programme (CREDP); Petrocaribe Energy Cooperation Agreement and Production of Biofuels. The IDB together with CARICOM and the Caribbean Development Bank are concentrating efforts in to promote the development of biofuels in the region, with specific programs in the Dominican Republic, Haiti, Jamaica, and Trinidad and Tobago. Furthermore, there individual country efforts to implement mid-term plans to increase their energy efficiency and diversify their Energy Matrices away from oil, among these countries it is worth highlighting: Jamaica, Guyana and Barbados. Finally, the IDB is sponsoring a number of technical studies with the objectives of developing renewable energy and increasing energy efficiency. Beyond these initiatives, an avenue that is worth exploring is enhancing regional integration, especially through small-scale trading of natural gas between Trinidad and Tobago and the rest of the Caribbean.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 2007.
Date of creation: Aug 2008
Date of revision:
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marcela Meléndez Arjona & Arturo Harker Roa, 2008.
"Revisiting economic growth in Colombia. A microeconomic perspective,"
WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO
- Marcela Meléndez Arjona & Arturo Harker, 2008. "Revisiting Economic Growth in Colombia: A Microeconomic Perspective," IDB Publications 45218, Inter-American Development Bank.
- Arturo Harker & Marcela Melendez, 2008. "Revisiting Economic Growth in Colombia: A Microeconomic Perspective," Research Department Publications 2006, Inter-American Development Bank, Research Department.
- Mahdavi, Saeid, 2004. "Shifts in the Composition of Government Spending in Response to External Debt Burden," World Development, Elsevier, vol. 32(7), pages 1139-1157, July.
- Ricardo Hausmann & Bailey Klinger, 2008. "Growth Diagnostics: Perú," Research Department Publications 2005, Inter-American Development Bank, Research Department.
- Lora, Eduardo & Olivera, Mauricio, 2007.
"Public debt and social expenditure: Friends or foes?,"
Emerging Markets Review,
Elsevier, vol. 8(4), pages 299-310, December.
- Eduardo Lora & Mauricio Olivera, 2006. "Public Debt and Social Expenditure: Friends or Foes?," Research Department Publications 4465, Inter-American Development Bank, Research Department.
- Dany Jaimovich & Ugo Panizza, 2006.
"Public Debt around the World: A New Dataset of Central Government Debt,"
Research Department Publications
4461, Inter-American Development Bank, Research Department.
- Dany Jaimovich & Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied Economics Letters, Taylor and Francis Journals, vol. 17(1), pages 19-24.
- repec:idb:brikps:6727 is not listed on IDEAS
- Mauro, Paolo, 1998. "Corruption and the composition of government expenditure," Journal of Public Economics, Elsevier, vol. 69(2), pages 263-279, June.
- Eduardo Lora, 2007. "Public Investment in Infrastructure in Latin America: Is Debt the Culprit?," Research Department Publications 4502, Inter-American Development Bank, Research Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Luis Daniel Martinez).
If references are entirely missing, you can add them using this form.