President Irfaan Ali this morning called on Caribbean countries that have the potential in natural gas development to quickly explore exploiting it to avert a possible catastrophic situation in the region.

Addressing the opening of the Trinidad and Tobago Energy Conference in Port-of-Spain this morning, the President said the region is already facing an energy crisis that is driving the cost of production to unprecedented levels and is making basic items unaffordable.

“This has pushed many families into poverty and food insecurity, it has forced some factories to curtail output or shut down and it has slowed economic growth to a point where some countries are heading towards severe recession, this is the result of the world we live in, of the region we live in as a result of the energy crisis, “ the President said.

The President implored that Trinidad and Tobago must lead the way now, since it has immense potential. He said the region can no longer afford to depend on outside sources for its energy needs.

“For the security of this region—for the energy needs security of this region, I once against reinforce the call that every country in the region with potential in Natural Gas should be allowed to explore that potential to its fullest, aggressively to ensure the energy security of this region,” the President said.

The President also told the conference that the Caibbean region must pursue every opportunity at renewable energy, while noting that energy sources such as solar and wind, are being deployed at an unprecedented level.

“Higher energy prices for both developed and developing countries meant higher electricity cost, transportation cost and consumable goods went up. It contributed painfully to high inflation—much of our inflation is imported and as political leaders and policy makers we have to face that reality,” the President said.

With the continued rise in the cost of energy, the President said inflation rates are also expected to skyrocket, which is not good for the region.

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