Trinidad Reneged, Venezuela Save, Jamaica Stab Venezuela
Even before the 2008 recession Jamaica struggled to finance it oil imports bill. During 2008 recession oil prices peaked at US$147 per barrel and if it was not for the PetroCaribe Agreement Jamaica would have suffered more than we did. The PetroCaribe agreement allowed Jamaica to buy crude oil from Venezuela by paying only a part of the cost upfront. The PetroCaribe agreement allowed Jamaica to pay 50% down payment for oil shipments and the other 50% paid back over 25 years at 1% interest rate. This deferred 50% was invested directly into the PetroCaribe Development Fund thus converting sovereign debt into a receivable asset used for Infrastructure development. The fund is the largest domestic investor in renewable energy and independently financed a 45-megawatt wind energy project in south-central Jamaica. Written into the PetroCaribe agreement is an objective that member states should gradually reduce their dependence on fossil fuels. Since 2005, the amount of Venezuel