Puerto Rico Economic Pulse ©

January 2005: The Comeback of Black Gold

The surge in the oil market and impact for the PR economy

After good behavior in the 90’s, the oil market has gotten wrathful again. Since the very beginning of this century, oil prices have bounced back to put more strain on an already fragile world economy. Wars and conflicts might end, but oil prices keep pointing towards the sky and rattling the nerves of consumers and producers. An importer of more than 80 million barrels a year, PR cannot disregard the ravages of oil. This issue reviews the turmoil in the oil market and its causes. We navigate through the vast grid of oil in the economy and analyze how fit is our economy to deal with soaring oil prices. Don’t miss this interesting journey across the black gold world.