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Oil Prices Sky-Rocket

Oil Prices jumped to record prices today closing at US $86.54 per barrel. According to a report on on Bloomberg.com, Crude oil for November delivery rose to as much as $86.54 a barrel in after-hours electronic trading on the New York Mercantile Exchange. This continues the trend as Oil edges to the US$100 a barrel some analysts have been predicting for a long time.

For Jamaica this means more trouble for the economy and more trouble for the consumer. In a country were electricity bills are already very high and the prices at the pumps are already high, this is simply bad news. Combine this with he fact that the Jamaica dollar has been sliding since the start of the year hitting new record lows against the US dollar regularly and closing last Friday at JMD $71.16 to US$ 1, negative price movement in gas prices, electricity bills and all related services is inevitable.

On a side it is reported that the price of flour is to increase or has increased by 30%. The Jamaican consumer will have to become more conscious about the price they pay for anything going forward if they are not already doings so. That means saving as much as the can by shopping fro the lowest prices

posted: October 15, 2007