Archive for December, 2007

10% reduction in Barrel of Oil

Tuesday, December 4th, 2007

Over the last two weeks the price for Oil has seen about a 10% reduction. From the dizzy heights of $98-99, a barrel of Oil closed at $88 plus yesterday. This is welcoming news for Jamaican consumers as we go into the Christmas season.

With schools soon to be out we should see a reduction in morning traffic but with shoppers coming out later and into the night the evening traffic situation especially in the main towns and cities is likely to get worse.

It was good to hear Supt. Elan Powell, head of the Police Traffic Division, speaking on Power 106 FM radio evening progamme, telling us that plans are already in place to deal with expected increase in traffic congestion and security issues especially around the shopping districts.

Hopefully the reduction in the price of Oil will lead PetroJam to annouce reduced ex-refinery prices tomorrow. We will watching this carefully. If the motorists in Jamaica can get a break in gas prices and with traffic congestion  managed they will have a Merry Christmas that is only 3 weeks (21 days) away.