The Mineral Industry Of The Islands Of The Caribbean

To a greater or lesser extent, the economies of the smaller Caribbean Island countries continued to have common problems. These included unemployment, inflation, foreign exchange shortages, trade deficits, and unstable world prices for their exports. Declining prices for petroleum provided some relief from scarce foreign exchange. Overall, the mineral sector remained stable. The Amerada Hess Corp. crude oil transshipment terminal on St. Lucia was completed during 1981. However, there were no shipments during the year. No official reason was offered for the delay in opening the terminal, but it may have been related to the world surplus of crude oil that occurred in 1981. There has been no further action on the refinery, which was to complete the island's petroleum complex. During the first half of 1981, an announcement was made that a second oil transshipment terminal would be built on St. Lucia. The report indicated that the terminal was to be financed by Saudi Arabia and include underground storage. After the original announcement, no further information was made available. This terminal, like the Hess petroleum complex, may have been temporarily postponed because of the crude oil surplus.