Since July of this year the price of a barrel of crude oil has dropped from almost $160 a barrel to under $50 a barrel, a drop of more than two thirds.
In response to this record drop in prices, the cost of a gallon of gas at the pump in the US has dropped from a national average of over $4 to a current average of $1.67 according to CNN. This is a reduction of over 60 per cent, which fairly reflects the reduction on the international market.
Here in Cayman, however, the price of a gallon of premium gas has dropped from $5.20 to $3.62 today a drop of only 30 per cent. If we are to receive a fair reduction to reflect the market as in the US, a gallon of premium should cost only $2.10.
What this means is that someone is taking the Cayman consumer for a ride, and Government needs to translate its words into action, investigate who is responsible and do something about it.
With the cost of groceries and most everything else rapidly rising, the only consolation the consumer has, is the reduction of fuel costs, yet in Cayman he has been deprived of the full benefit of this significant decrease.
Every quarter the oil companies announce even greater record profits amounting to billions of dollars, and yet we are still taken advantage of. On numerous occasions I have tried to contact the terminal manager of Texaco, to discuss these issues, but he is never available and does not return messages.
It seems we have had a cartel operating here in Cayman for decades to the detriment of the fuel consuming public and it is high time that Esso and Texaco be required to justify their regional pricing, especially given the circumstances referred to above.
Roger M. Davies