Dr Vincent Lawrence, the head of the Electricity Sector Enterprise Team (ESET), says Jamaica’s energy policy – crafted to escape the impact of rising oil prices – will remain unchanged even as oil prices tumble worldwide.
Lawrence further predicts that oil prices which have currently fallen below US$50 per barrel will again rise closer to the US$70 dollar mark when the market resumes “normalcy”.
On Tuesday, oil prices fell again to US$45.89 a barrel in New York, while Brent crude dropped to US$46.59 in London.
The ESET team leader is recommending that local importers start hedging to protect against the return to higher prices.
Published in the Gleaner
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