PORT-OF-SPAIN, Trinidad (AP):
CRUDE OIL found off the coast of Trinidad and Tobago has buoyed this two-nation island's economy for decades, making it one of the wealthiest in the Caribbean.
But the country, known for its elaborate glitzy carnivals, may not be able to bank on the black gold forever, analysts say.
Production levels of crude oil in Trinidad have plummeted to almost half of what they were in the late 1970s, dropping from 83.7 million barrels in 1978 to 43.6 million last year.
"Clearly, the oil industry is showing a trend of progressively declining production," Energy Minister Lindsay Gillette said.
Oil was first discovered in Trinidad in 1866 but commercial drilling didn't begin until 1908. By the 1940s, crude oil had become a pillar in the country's economy.
Last year, revenues from the petroleum industry accounted for about 26 per cent of the country's gross domestic product.
While many say there are vast amounts of oil reserves still untapped, some are predicting the industry's slow demise.
