After a five week hiatus, gas prices are on the move again and this time they have jumped up by 12 cents or by 3%. On Tuesday gas stations across Grand Cayman published their new prices on their upgraded roadside displays to the shock of local consumers. The lowest prices recorded were as follows:
Regular 4.50 Seven Mile Beach Rubis
Premium 4.53 Jose’s Escape
Diesel 4.40 West Bay Esso 4 Way Stop
Readers can view the entire list of stations and their prices on our “Gas Price Alert” Page on page 14.
From a 3 year low of $3.97 gas prices climbed at the end of April and have now climbed again.
The following graph shows the huge jump, 53 cents or 13% in fuel prices over the 8 week period from March 24 to June 2nd, and has been classified as robbery by some of our readers.
However, this rise in gas prices may be related to the rise in oil prices as shown by the following extract from the NASDAQ website where the price of crude oil has risen by 24% from $49 to $61.
This rise in crude oil price is reported to be caused by emerging signs that oil production will slow down this year, and traders are raising prices in anticipation. Coming off the heels of the U.S. shale oil boom, which contributed to the supply glut, companies drilled 28 percent fewer wells in January in the lower 48 states than they did last June, according to an analysis last week. Saudi Arabia, the world’s largest oil exporting country, is hinting that it might sell its crude at higher prices to boost government revenues and this will also impact the cost of oil.