00:00Economist Duane Winchester says while higher oil prices can often bring increased revenue,
00:07the country is not currently producing at levels to fully benefit from that,
00:11noting that energy remains Trinidad and Tobago's main source of foreign exchange.
00:16He warns, the economic fallout from this conflict could surpass the impact of the Russia-Ukraine war.
00:24So that disruption is going to have impacts on the global economy,
00:27and according to the International Energy Agency that came about because of the oil shock in the 1970s,
00:33they said that this is going to be the biggest energy disruption in history.
00:38So this is going to have very serious amplification, it's going to be a mixed bag.
00:42He tells the Morning Edition the effects will be felt beyond the economy on paper,
00:47with citizens likely to experience increased financial pressure as higher global costs trickle down into everyday life.
00:56Well, unfortunately, I have to expect higher prices again.
01:00When we thought the higher prices in 2021 because of post-COVID,
01:04and then 2022 because of the Russian invasion of Ukraine,
01:09we thought that would be it, like, you know, we had enough.
01:11But we see another bout of inflation.
01:14So I really hope the government does something to sort of cushion that impact a bit.
01:19Winchester is also urging greater focus on the local agricultural sector,
01:25saying stronger support for domestic production could help cushion the impact
01:29and provide a measure of stability as global uncertainty continues.
01:34So we have to see whatever extra money the government gets,
01:37how they could sort of make us feel comfortable.
01:39If they could work with farmers, you know, to improve agriculture down here.
01:42Every year we see these big increases in food inflation because of flooding and so on.
01:47You know, people spend, you know, $6,000 a year fixing their car because of potholes.
01:53You know, maybe we could just do some things just to ease up our course a little bit.
01:58Nicole M. Romany, TV6 News.
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