Who in the Bahamas is making this huge windfall profit on the price of gas?!
Oil on the international market has decreased by more than $100 since its peek in 2007/8 but the pumps in the Bahamas have not reflected those savings!!!
Nassau, Bahamas — What needs to begin to happen in the Bahamas is to now have a real conversation about the growth and development of these islands and how together we can best defend the Bahamas and move forward as a nation.
In this, we at Bahamas Press wish to begin a conversation far from the discourse of political and sometimes media characters who have distracted us from moving forward in our national debate.
Make no mistake about it. We at BP have also been guilty of this distraction, but we have come to our senses. Yes, there will be times when we shout, kick and scream as to who should get the hell out of our national conversation, but we now believe our time has come to present equally important debates that are necessary to radically grow our people and keep them focused on the national business at hand.
Yesterday across the country we discovered that the price of gas on New Providence had dropped to $4.05 per gallon. Shell, Rubis and Esso, the big three in the country, stood all at the same. In the United States where our imports of oil come from, the AAA presented on the 24th of October, 2015 that the national average in that country stood at $2.21. In Atlanta, for example, gas was $1.98 per gal.
What disturbs us here at Bahamas Press, though, are these facts which suggest to us that someone is making a killing off the present prices at the pumps. From the Wutless Media to the Politicians, everyone has decided to distract us in a web of foolishness from who want to be leader, to who don’t wear panties and or why some damn radar was or was not working!
But here’s the crux of our conversation today. During the peek the financial crisis of 2007–2008, the price of oil was a significant player as it rose uncontrollably. The price per barrel at the time peaked at a record of US$145 by July 2008. But as the recession kicked in and economies around the world began to collapse, from June 2014 to January 2015, oil dropped 60 percent!
The price had sharply rebounded after the crisis and rose to US$82 a barrel in 2009 and then returned for a brief period to $100 per barrel in 2011.
But get this: while it approached a near $6 per gal. on New Providence, the price of oil per barrel has been declining ever since. On this past Friday the price of a barrel of crude oil had declined to $44.73, which is a fall of more than $100 per barrel from its all-time high.
And so here is our question: Understanding all the geopolitical issues, how is it that oil in the Bahamas, which at its highest reached almost $6 per gallon, has not decreased in the same manner as it has everywhere else in the world where that decrease is reflected at the pumps.
Someone is making is huge windfall profits. But no one in the Bahamas is talking about this; not the Government, not the Opposition, not the media and definitely not the gas retailers!
Who in the Bahamas is making the profits as oil prices around the world fall drastically but here in the Bahamas, they are keeping the price at our pumps so high!?? What is this?