Trinidad and Tobago has a long history of oil production going back more than 100 years. In fact, the first successful oil well was drilled in Trinidad in 1866, and the first shipment of oil was exported from Brighton, Trinidad, in 1910. Commercial sized oil discoveries off the island’s east coast in 1968 and gas deposits off the north coast in 1971 launched Trinidad and Tobago into being a net producer of oil and gas, with 228,000 barrels of oil per day (BOPD) being produced at the height of its production. In a bid to diversify the economy and draw foreign investors in the 1970s, the Government of Trinidad and Tobago (GORTT) offered heavy subsidies for electricity and fuel to industry and, by extension, the population. Trinidad and Tobago still has some of the lowest rates for electricity worldwide, with residential rates ranging from 0.05 to 0.06 US cents per kilowatt-hour (kWh) and commercial rates range from 0.02 to 0.09 US cents per kWh. Fuel prices, which have been slowly rising with the lifting of subsidies, are still low at 1.04- 1.16 USD per liter for gasoline and 0.66 USD for diesel.