TT: We've learnt our lesson well

As world crude oil prices broke the US$40 a barrel barrier yesterday, reaching new 13-year highs, Junior Finance Minister Conrad Enill warned that there would be no "wild spending" by the Government of any higher-than-anticipated revenues.

The Government's 2004 national budget was based on an estimated oil export price of US$25 a barrel.

Enill told the Express yesterday that he was committed to putting the required percentage of any additional oil revenues into the revenue stabilisation fund.

He admitted that there was a real possibility that with oil prices over US$40 a barrel there would be higher government revenues, but said he had to protect the country's economy from the effects of a boom-bust scenario.