JA’s oil bill was US$2.4b in 2011
JAMAICA’S oil import bill hit US$2.4 billion in 2011, reflecting a 54 per cent increase over the previous year.
Last year’s oil bill was the second highest on record, as a result of oil prices climbing 30 per cent over the previous year and increased demand for the fuel.
The highest Jamaica paid for oil was in 2008, when its reached US$3.2 billion.
Alumina refineries Alpart and Windalco Kirkvine were in operation in 2008, but not in 2011. This would have accounted for a big part of the difference in mineral fuel imports.
Export earnings increased from from US$1.37 billion in 2010 to US$1.66 billion in 2011 — hardly enough to meet the foreign exchange requirements for oil imports much less the total import bill.
In 2011, Jamaica’s total import bill was US$5.9 billion.
