Jamaica Gas Prices

Another week, another record as Oil prices take a steady march to US$100 per barrel. Yesterday Oil prices rose to record highs of $96.24. This is just $3.76 alway from the $100 mark.

The factors affecting the continued rise in the price of Oil include, declining United States inventories as we approach fall and the winter months, production problems in Mexico continued tensions in Mexico and the expected ,but not sure, increased production by OPEC countries. In the next seven days we will get an idea whether or not OPEC will or has indeed increase production by the shaky promise of 500,000 barrels of Oil per day. As for the other factors there is really no end in site.

With these high oil prices and Petroleum Corporation of Jamaica announcing increases ranging from  $1.96 to $2.54 it is hard to see any relenting in Oil Prices in the gas prices. Christmas they say has come early but certainly not for the Jamaican drivers only the Oil producers around the world.