Home / Business / The increase in oil, another threat to the economy

The increase in oil, another threat to the economy



Edited by Sin Comillas

The price of the water in West Texas, the benchmark in the US, increased 0.93% to $ 71.62, given the uncertainty about the new sanctions that the United States will apply to Iran, one of the largest crude oil producers in the world, and after the attack the Israelis launched on Syrian soil against Iranian targets after the Persian troops had shot against the Golan Heights.

The price increase on oil is bad news for any economy, but especially for that in Puerto Rico, with high dependence on oil and it has been more than a decade of constriction. The rising cost of oil will further complicate the already difficult outcome of the crisis.

In 12 months, oil prices have risen above $ 25, which could affect the planning committee's economic growth forecasts made with a $ 51.60 oil price for the 2018 fiscal year and $ 54.58 in the 2019 fiscal year. The Planning Board predicts that the economy will fall 5.6 percent in the 2018 fiscal year and grow 3.5 percent in 2019.

Information Management The United States Energy Department (SME) estimates that the price of West Texas oil will average USD 66 per barrel in 2018.

] Although West Texas is the reference price in the United States and Brent is the reference in Europe, gasoline prices in the US tend to follow Brent. By the end of April 2018, Brent's raw prices reached $ 76, the highest level of almost four years.

In April, the price of gasoline in Puerto Rico increased to 75.61 cents per liter, almost a penny more than in March and almost 11 cents above the April price.

  Printer Friendly, PDF and Email

Source link