Archive for August, 2010

Oil Prices fall as American Economy remains weak

Thursday, August 26th, 2010

According to a report from in the Jamaica Gleaner, Oil prices have now fallen to US$71.63 per barrel. This is certainly good news to Jamaicans . The analyst blame the drop in price on the weak American economy.

However a weak American economy threatens the Jamaican economy as the majority of our tourists come from the USA and significant  portions of our trade. Also many Jamaicans also depend on remittances from relatives in the United States of Amercican, Canada and the United Kingdom among other countries.

However, lower oil prices should result in lower electrcity bills. So while motorists might breathe a sigh 0f relief, consider the rest of the economy.