Rising gasolene prices have become a campaign issue in America, as speculation about tensions in the Middle East has exerted pressure on oil prices.
Contenders for the Republican Party nominee are promising to cut America’s dependence on foreign oil, exploiting the emotional response of United States (US) consumers to the threat of high fuel prices.
Meantime, Jamaican consumers are feeling the effects of the jump in gasolene prices and the fuel charge on electricity bills.
The possibility that high gasolene prices could become a threat to President Barack Obama’s re-election campaign is felt to have influenced what was rumoured to be a possible release of oil from the strategic petroleum reserve by the US and United Kingdom (UK). These rumours followed reports that in their recent meeting, President Obama and UK Prime Minister David Cameron had agreed to a release of oil in the summer. Putting additional oil on to the market would, presumably, halt or slow down the uptick in prices.
Since January, oil prices have jumped more than 15 per cent, and it is feared that further increases will choke