Oil Hits US $108 per barrel
As it $US 107 was not enough the price of Oil went through another barrier yesterday. Analysts are claiming that it is the speculators that are continuing to drive up the price as the they move from the troubled US finiancial markets and hedge their bets with commodities. The weaken US dollar has not help the situation while China increase demand for Oil show not decline
The price of Oil is also causing serious issues on the Food Market. According to some UN report, more food is going being used in Bio fuels leaving less for human consumption. Food stockpiles are at their lowest in 30 years and the prices of corn, wheat and soya have gone up over 40% in the last 9 months.
In Jamaica apart from a little utterance from Minister Mike Henry, the Minister of Works and Transport, there continues to be silence or poor public relations from the Ministry of Energy of the Petroleum Corporation of Jamaica. Where is the energy plan as Oil crosses the US $108 per barrel mark?