Caribbean Energy Sector: Review and Perspectives - Part I - Primary Energy

Abstract

The sense of urgency of the current needs of the Caribbean region, like that of much of the developing world, suggests that it would perhaps be appropriate if some of the energy needs of the next century for these small, developing countries are addressed by restricting our view to the medium term, i.e., over the next two (2) decades. A recognition of the accelerating rate of change, particularly technological change, also suggests that such a time frame is valid and may in fact, be more likely to assist in making a meaningful contribution to the misery which surrounds life in much of the under-developed world. It now seems clear that oil and gas will continue through the period to 2025 as the principal form of primary energy for the world. The increasing global concerns for the world's environment will almost certainly dampen growth in world petroleum demand, but the heavy existing investment worldwide, in petroleum infrastructure both in producing and in consumption, as well as the limitations and issues posed by the use of the other abundant fossil fuel, coal, makes it reasonably certain that petroleum will maintain its role as the dominant energy-source in world energy needs through the first quarter of the next century. The strategies which have worked so well for the developed world in recapturing control over world energy issues, not the least of which was control over oil prices, and which were first elucidated in 1980 at Venice, Group of Seven Summit, have since evolved into a complex mix of instruments.