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Oil Hits Lowest Level In 2012

May 15, 2012

 

The price of oil fell to its lowest for the year Monday on continued doubts about some European countries’ ability to pay off massive government debts.

Benchmark West Texas Intermediate crude lost $1.35 to end the day at $94.78 per barrel on the New York Mercantile Exchange. That’s the lowest level since December 19.

Brent crude, which helps set the price for oil imported by United States (US) refineries, gave up $1.26 to finish at $111 per barrel in London. Brent was last this low at the end of January.

Oil declined as a leadership crisis in Greece raised doubts that it would comply with a eurozone-supported plan to get out of debt. Analysts see Greece as a test case for whether cash-strapped European nations can slash spending and improve their economies. Europe consumes 18 per cent of the world’s oil.

“You have to ask yourself who’s next after the Greeks,” said Gene McGillian, a broker and oil analyst at Tradition Energy. “What happens if Spain or other countries have similar troubles.”

Oil prices have been declining for most of the past two weeks as European leaders wrestled the debt crisis. The US also reported disappointing jobs growth and China’s manufacturing industry grew at a slower pace.

Boosting supplies

As the world’s economy appeared to slow down, major oil producing nations like Libya, Iraq and Saudi Arabia increased oil production, boosting supplies.

The decline in oil prices has helped make retail gasolene cheaper in the US. The national average fell by less than a penny over the weekend to $3.727 per gallon (98 cents a litre), according to auto club AAA, Wright Express and Oil Price Information Service.

In other futures trading, heating oil gave up 3.41 cents to end at $2.9295 per gallon, while wholesale gasolene lost 4.18 cents to finish at $2.959 per gallon. Natural gas dropped 7.8 cents to finish at $2.431 per 1,000 cubic feet.

http://jamaica-gleaner.com/gleaner/20120515/business/business2.html

JPS News

LETTER OF THE DAY – The JPS – A Thriving Cartel

May 14, 2012

The Italian Mafia, the Japanese Yakuza, the Chinese Triad societies and the various drug cartels of Central and South America would do well to understudy the operations of our local light and power company.

The Jamaica Public Service is a cartel which overcharges people and destroys businesses while operating under the noses – and apparently with the blessings – of the very persons elected by us, to serve and protect us.

In addition, it would appear that the security company – the Office of Utilities Regulation – which has been awarded the contract to guard us from the attacks of this cartel uses dogs which, possibly because of lack of veterinarian care, are either entirely toothless or are dogs which were once in the employ of said cartel!

I live in a house occupied by two persons. We both work out. We do not use air-condition units. We rarely use the electric stove. We use the washing machine twice per week. We do not use an electric dryer. Our monthly bill is $60,000.

In May 2011, we were both away from home for 13 days. Our bill did not budge. I have made several visits to the customer service department.

In December 2011, I was apparently impudent enough to pen a letter seeking audience with their legal department. I was referred rather nonchalantly to the customer service department with a promise of a phone call. The call never arrived.

A friend was kind enough to arrange an appointment with a person in a senior position in the cartel. On April 12, I visited its offices and once again stated my plight. Again, I was reassured that my case would be investigated and that I would receive a phone call within one week. Twenty-eight days later, I’m still awaiting said call!

To add insult to injury, a crew from the cartel descended upon my place of abode, in my absence, fully armed with the necessary firepower to disconnect my electricity. This, despite the fact that I have never been late with any payment and that my account was fully paid up, and that so, many days before it was due and payable!

Later that evening, the cartel dispatched two of its agents to attempt to compensate for its criminal act.

Needless to say, these agents had never attended any school which thought that ‘manners’ should be part of their curriculum.

In this the 50th year of our Independence, we are still being ruled by a thriving cartel.

 

http://jamaica-gleaner.com/gleaner/20120512/letters/letters1.html

Uncategorized

How We Save Energy

May 11, 2012

 

Omar Azan... of Boss Furniture, is retooling foam equipment and changing lighting equipment throughout his factory.

 

On Wednesday, The Gleaner hosted an editors’ forum with members of the Jamaica Manufacturers’ Association (JMA). The topics discussed were: ways to grow the sector and issues affecting manufacturing as well as what the manufacturers were expecting out of the new Budget.

Participants were: Brian Pengelley, JMA president; Metry Seaga, deputy president, JMA; Omar Azan, immediate past president, JMA; Gary ‘Butch’ Hendrickson, CEO, Continental Baking Company; Steven Whittingham, director, JMA and Michael Ranglin, CEO for GK Foods.

One of the issues affecting local manufacturers is the high cost of electricity. While policymakers still drag their feet on implementing strategies and initiatives to ease the burden on the sector, some manufacturers are taking small but tangible steps to decrease energy consumption in their plants. See how they are doing.

Steven Whittingham says that at Island Ice and Beverage Company Limited they have opted to do off-peak manufacturing late in the nights when the Jamaica Public Service rates are lower.

Metry Seaga of Jamaica Fibreglass Products (JFP), is now making plans to install a solar system in his entire factory.

Michael Ranglin of GK Foods is now in collaboration with the the University of the West Indies Department of Physics to develop and install energy saving systems for all its buildings.

Butch Hendrickson of Continental Baking Company has carried out extensive replacement of oven burners, changed lighting systems, insulated buildings and bought more efficient vehicles

Omar Azan of Boss Furniture is now retooling the foam equipment and changing the lighting equipment throughout his factory.

http://jamaica-gleaner.com/gleaner/20120511/social/social4.html

News

JPS: LNG still the best option to oil

May 9, 2012

THE Jamaica Public Service (JPS) has reiterated that Liquefied Natural Gas (LNG) is the preferred option as Jamaica explores alternatives to electricity generation fuelled by oil.

Valentine Fagan, the managing director of South Jamaica Power Company, made the pronouncement while addressing the weekly Jamaica Observer Monday Exchange. That company was set up by the JPS to preside over the construction of a 360-megawatt plant in Old Harbour, St Catherine. According to JPS, that facility, which is slated to come on stream in December 2014, will replace the inefficient and aged Old Harbour power-generating plant.

“There is really not much difference in terms of coal versus LNG, just that it is possible to bring on the LNG plant much faster. Coal plants take five years for construction, in addition to the many environmental issues,” said Fagan as he addressed reporters and editors at the Observer’s Beechwood Avenue headquarters.

“If we don’t add capacity, and if we assume modest growth in the economy, we would have breached the 25 per cent reserve margin, and would find it difficult to supply peak demand. This would result in widespread outages,” Fagan added.

For several months, some stakeholders in the energy sector have been questioning moves by the JPS and the Government to introduce LNG. Some of the observers have suggested that coal would be a less-expensive option. Others have suggested that LNG prices will begin to skyrocket, and have also indicated that Jamaica

News

Net billing to be implemented this month

May 9, 2012

THE Office of Utilities Regulations (OUR) has so far received 10 applications for licences from producers of electricity from renewable sources to engage in net billing thus paving the way for them to be paid for selling power to the national grid, energy minister Phillip Paulwell said last week.

Paulwell said the entities would be visited by the Jamaica Public Service Company (JPS) this week for the installation of new meters to measure the energy going to the grid, after which the OUR would recommend to him those which are to get licences in about two weeks.

PAULWELL

News

Oil Punches Deeper Hole In Trade Gap

May 9, 2012

A dramatic rise in the oil bill alongside flat tourism inflows caused Jamaica’s current account deficit to more than double last year.

The trade gap with overseas partners also yawned wider at the end of 2011, with imports of goods valued at US$5.9 billion outpacing goods exports of US$1.7 billion by 256 per cent or US$4.26 billion.

Balance of payments (BOP) data released by the Bank of Jamaica (BOJ) indicate that the current account deficit worsened to US$2.07 billion, compared to US$934 million in 2010.

“In particular, mineral fuel imports expanded by US$856.3 million, partly reflecting a 19.6 per cent increase in the average price of oil for the period,” said the BOJ in its December 2011 BOP report.

The spike in the oil bill also wiped out gains in the bauxite sector.

The services sector, which includes transport and travel, was hurt by increased sea freight charges amid narrow movement in inflows from tourism, which inched up 1.3 per cent to US$1.8 billion.

Some positive signs

Private remittances also recovered slightly by US$106 million to US$1.92 billion, while total remittances were reported at US$2.04 billion.

Improved earnings from crude materials

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