Jamaica’s Demand for Gas Steady.
There has been no reduction in demand for Gasoline in Jamaica despite rising Oil Prices. Words to that effect were uttered by a Mrs. Ruth Potopsingh of the Petroleum Corporation of Jamaica(PCJ). I heard this while listening to Power 106 FM’s Independent Talk program on Monday, January 14, 2008.
Interesting the problem seems to be the same in Barbados where the gentleman from the island ,speaking on the same program, even hinted that there was possibly and increase in demand there. At some point, demand will have slacken off. Oil Prices at this point and it sustained consumption is likely to have serious effects on the economies of Caribbean Countries.
What is needed is a serious conservation push by the authorities. In Jamaica, that message is slowly coming out. The problem in Jamaica is that on one hand , the motor vehicle is seen as a status symbol more than utility, while on the other, the poor public transport system, despite its improvement, still remains inadequate.
For now, the demand for Gasoline remands inelastic but for how long?