High Fuel Prices Around The Corner – World Bank

Experts in the Organisation of the Eastern Caribbean States’ (OECS) energy sector have been advised to prepare themselves for a possible return of high fuel prices.

Senior energy economist at the World Bank, Pierre Audinet, told the stakeholders who met in St Lucia recently that they must combine approaches to deal with the growing cost of energy. It is against this background, he said, that his organisation supports the establishment of a regional institution proposed as the Eastern Caribbean Energy Planning and Regulation Authority (ECEPRA).

Audinet said that the World Bank is of the view that such a collective approach can help reduce the impact of the unstable global energy landscape.

“The world where we were back in July which had these completely nonsensical oil prices which really hurt you very badly and many other countries in the world was not just a one off episode. The likelihood that this comes back in spikes or for longer periods is actually quite strong,” he said.

“I would be very pretentious to say how much the oil price would be in the next few months, but at least we are definitely going to see some amount of increases and stronger volatility.

Source: caribbean360.com

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