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EDITORIAL: The Gas Price battle

Exactly 3 years ago on September 14, 2015 we wrote an editorial about the launching of a petition by a group of concerned citizens who were just fed up with high gas prices.

Named “Cayman Is Fed Up with High Gas Prices”, the committee released a petition that was being circulated island wide.

This petition was open to both Caymanian citizens, residents and visitors to sign as it is felt that the unreasonably high fuel/ gasoline prices impact each and every one on all three of our Islands.

This group was not alone in its fight against high fuel prices, as the Government has indicated that it will be creating a Public Utilities Commission that will be tasked with closer monitoring of fuel prices.

We supported those efforts as we also felt that their needed to be an immediate lowering of gas prices to levels below $4.

We indicated that the battle between the fuel providers and consumers will last for some time. The fuel companies have a responsibility to their shareholders to provide a decent return on investments. The attractive returns that may have occurred during the days of no unemployment in the Cayman Islands have set standards that are expected and forecast for the future. In addition, operational costs and infrastructure costs, which will never be known, must be met.

The real game changer is supply and demand and if consumers continue to manage gas consumption well by purchasing fuel at the lower prices and implement other fuel saving measures, the fuel companies will take note.

It may also be time for a reliable bus transportation service as this has worked well in other regional and international jurisdictions.

With our heavy reliance on fuel that arrives by those oil tankers, we remain vulnerable and one can imagine the long lines at gas stations if a hurricane was to visit our shores. We may wish to start thinking of Electric Cars as an alternative.

We wonder if the soldiers in this battle have gotten weary or are still awaiting action from the now established OFReg unit. In light of recent reports we may have to wait to see real change in the regulation of this important commodity.

The clock is ticking.

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