Oil boom can bring happiness or misery

THE EDITOR: I lived and worked in Canada for 15 years and that period included both the “Oil Boom” and the “Oil Bust.” During that period I noticed that the oil and gas producing Provinces created a Heritage Fund into which were deposited billions of Canadian Dollars to be held in trust for future generations of Canadians, more particularly citizens of those oil producing provinces. I am aware that Trinidad and Tobago had no such fund — expenditure equalled more than income. Some other oil producing countries invested in real estate in America, UK and Europe. As far as TT was concerned that was a waste of time. Then came the “Oil Bust” and Trinidad and Tobago moved from a reasonably wealthy nation to beggar nation status much to the amusement of other Caricom nations who had borrowed millions of dollars from us. Those oil producing Canadian provinces had no such problem.

The old adage proved to be true for TT — a fool and his money are soon parted. The Laventilles of this country were never eradicated. Today we are benefiting from that legacy of neglect and stupid planning. Now we are on the verge of another “Oil Boom” even though the natural resources are somewhat different. Are steps being taken to create the equivalent of a “Heritage Trust” or are we repeating the same foolish policies of the 70s? One of the characters created by Charles Dickens says on his way to the Debtors’ Prison:
Income: ?20
Expenditure: ?20 shillings
Result — Happiness
Income: ?20
Expenditure: ?20
Result — Bankruptcy and misery
Which is it to be Trinidad and Tobago — Happiness or Bankruptcy and Misery.

M HOTIN
St James