Guyana strives to combat spiralling fuel prices
GINA-April 2nd 2005
COUNTRIES around the world are facing steadily-increasing fuel prices and Guyana is no exception.
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Over the past seven years fuel prices have shot up strengthening the income of oil rich countries and threatening to derail the small economies in developing countries.
In 1998, fuel prices were as low as US$10 per barrel as the United Nations approved increased oil production from Iraq in the Oil for Food programme. This, coupled with low demand for fuel in Asia as a result of an economic crisis on that continent, high oil inventories after two unusually warm winters, caused a glut …
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