Monday, July 18, 2005
Ouch Mon! Gas Prices to Top 4 Dollars
Leslie Miller was quoted in the press on Thursday 14th July as saying that the price of gasoline in New Providence is expected to go up $4.05 within two weeks and may well hit five dollars per gallon by the end of the summer. At present the Nassau Guardian reports that gasoline which is price controlled sells at Esso $3.59 per gallon, Texaco $3.64 per gallon and Shell at $3.69.
The price hike has been the subject of some controversy out of the Ministry of Trade because the Minister has been saying that through co-operation with Venezuela he would like to start an Energy Corporation which would intervene in the market to lower the price of gasoline. This is not something which this column approves of.
The market price of gasoline is what it is, and maybe this will force the public away from its over reliance on the automobile. Somehow, despite the rise in the price, neither on the fiscal side nor the monetary side does there seem to be any cause for concern to the economy. Demand is as brisk as ever.
The price hike has been the subject of some controversy out of the Ministry of Trade because the Minister has been saying that through co-operation with Venezuela he would like to start an Energy Corporation which would intervene in the market to lower the price of gasoline. This is not something which this column approves of.
The market price of gasoline is what it is, and maybe this will force the public away from its over reliance on the automobile. Somehow, despite the rise in the price, neither on the fiscal side nor the monetary side does there seem to be any cause for concern to the economy. Demand is as brisk as ever.
