Jamaica Gas Prices

Jamaica today should breathe a sign of relief, if only for a little while,  as oil prices retreated on the world market, going to as low as $85.69.  Now this is good news given the fact that Turkey continues to prepare to do battle with the Kurds in Northern Iraq.  The reasons for the oil price retreat could just be profit take or traders realizing that the problem with Turkey and the Kurds has been over stated. We also hope that a peaceful solution can be found in the Turkish-Kurdish conflict so that he Turkish army like the Oil prices can retreat.

Interestingly one oil producing country Mexico, is not sing all the way to the bank. In fact according to a report in Bloomberg.com, Oil production has fallen by 8%  since 2004 to a seven year low. According to the Mexican President, Oil Reserves are drying up. The slump in production is hurting the economy despite record Oil Prices on the World Market.

We have not heard much about the search for oil lately but one suspects that things are not going to well.  If Jamaica finds oil in a location that is commercially feasible to extract that would be good but we need to seriously look at other forms of energy.  If we do find it we also need to ensure we put in place in place to deal with the situation that the Mexicans are facing when our Oil reserves run low.