Jamaica faces Record Oil Prices
Jamaicans will wake up the the news that Oil Price has hit record new highs. At the time of writing the price per barrel of oil was in the region of $91.05. This is indeed a worrying trend. In 2002 Oil Prices was less than $35 a barrel of Oil.
In fact the United States Department of Energy(DOE) states that in 2002 the average price of a Barrel of OIL is US $22.81. This means that Oil Prices in Nominal terms would have increased by 300% 0r more than quadrupled.
Jamaica has got to get on the road to conservation fast, re-evaluate the use of gas guzzlers and look and actively promoting fuel efficient vehicles. The signs are ominous and we can expect significant increases in the PetroJam (Petroleum Corporation of Jamaica) ex-refinery prices next week.
The impact of the movement of Oil prices will be far from positive.