A View of the oil and gas industry Point Lisas. the oil and gas industry is the diving force of Trinidad Econonmy. According to Hall (2012) economic forces is seen as a dominant force in urban change. the oil industry has defined Trinidad and Tobago and has shaped the lives of people within the country. The point Lisas industrial estate has been a major success story in Trinidad and Tobago's recent economic history and development. the first well was drilled 61m deep in 1857 in the vicinty of the pitch lake. since then the oil has come to play an increasing role in the economy of Trinidad especially with the plight of the agricultural alternative, sugar and cocoa ( Mulchansingh 1971). sugar began falling in importance in the late 18th century as a result of over production and the rise of the European sugar beet industry. Trinidad as well as all the islands of the west Indies suffered.
For Trinidad oil came to fill a tremendous economic gap . The petroleum sector contributes heavily to the gross domestic product. The changes in the world economy has been seen to change in a series of cycles or waves of growth hall 2012). they are associated with technological innovation, which are linked to other production, distribution and organization which spreads to the economy. the oil and gas indusry can be associated with the fourth kondrateiv wave early fifth which is based principally on the vehicle, consumer durable and petrochemicl sectors.
Nice photo.
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